ExxonMobil to Spend Additional Billions on Oil and Gas Production Through 2030

The Key Takeaways

• ExxonMobil intends to invest $27-$29 billion by 2025. Then, from 2026 to 2030, it will continue to spend another $28-$33 billion annually to increase its oil and natural gas output.
• This year, the company plans to reap benefits from its acquisition of Pioneer Natural Resources for nearly $60 billion.
• ExxonMobil expects that its plan will generate $20 billion of incremental profits and $30 billion cash flow.

ExxonMobil announced its long-term commitment to pumping out more oil and natural gas. It aimed at taking full advantage of the nearly $60 billion it spent on Pioneer Natural Resources in early this year. 

The energy giant announced its "Corporate Plan to 2030," which it said "reflects the company's strategy to leverage its unique set of competitive advantages and unrivaled opportunities to create significant upside potential for shareholders."

ExxonMobil stated that they expect $27-$29 billion of capital expenditures by 2025, and $28-$33 billion each year between 2026-2030. Prior to the Pioneer agreement, ExxonMobil guided for 2024 capsex between $23 and $25 billion. It then increased it in August to $28.

This plan, it added, is anticipated to be completed by “deliver incremental growth potential of $20 billion in earnings and $30 billion in cash flow.”

Pioneer Acquisition Helps Company Meet Upstream Target Early

It noted that it had achieved its goal of sourcing more than 50% of its upstream production through the Pioneer purchase. “advantaged assets” Guyana is a major source of liquid natural Gas (LNG), and it’s located in the West Texas/Southeast New Mexico Permian Basin. “three years earlier than planned.” The company explained that more than 60% (or 5.4 million barrels of oil equivalent per day) of their production by 2030 would be derived from these assets. 

ExxonMobil has also revealed that its cost savings were more than 50 percent higher than initially estimated, at $3 billion. 

Although ExxonMobil shares are down 1% today, they've still added more than 11% year-to-date.

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