ExxonMobil Unveils $140 Billion Investment Plan by 2030
ExxonMobil, one of the world's largest publicly traded international oil and gas companies, has announced an ambitious corporate plan extending to 2030. The plan aims to increase the company's cash capital expenditures to $27-29 billion in 2025 and to an annual $28-33 billion between 2026 and 2030. Darren Woods, the company’s Chairman and CEO, stated today that this strategy is designed to significantly enhance shareholder value by leveraging ExxonMobil's competitive advantages and opportunities.
The company aims to increase upstream production to 5.4 million oil equivalent barrels by 2030, with more than 60% of this expected to come from advantaged assets. Additionally, ExxonMobil plans to increase sales of high-value products by 80% compared to 2024, which is projected to contribute to over 40% of the Product Solutions' earnings potential in 2030.
ExxonMobil's strategy includes increasing annual average synergies from the Pioneer acquisition to over $3 billion. The company also targets an additional structural cost savings of $7 billion compared to the third quarter of 2024. Furthermore, it plans to evaluate low-emission investment opportunities of up to $30 billion.
The company's focus on disciplined cost and capital management alongside an excellent execution strategy is expected to deliver $20 billion in earnings and $30 billion in cash flow growth. Woods emphasized ExxonMobil's commitment to technology and innovation to meet societal needs while achieving profitable growth.
In recent three- and five-year periods, ExxonMobil has consistently outperformed its competitors in cash flow growth, leading to a strong total shareholder return. The company also plans to continue increasing its shareholder distributions. Recently, it announced a $0.04 increase in its quarterly dividend per share and a $20 billion annual share repurchase rate for 2025. An additional $20 billion share repurchase is planned for 2026, subject to market conditions.
In the upstream sector, ExxonMobil is strengthening its portfolio with assets that provide lower supply costs and higher returns. Through the integration of Pioneer, ExxonMobil has achieved significant synergies and currently holds the largest contiguous land position in the Permian Basin. The company’s production in the Permian Basin is expected to approximately double by 2030, reaching about 2.3 million oil equivalent barrels per day.
The company also announced two additional development plans in Guyana and is making progress on LNG projects. By 2030, LNG sales are expected to exceed 40 million metric tons annually.
In the Product Solutions business, ExxonMobil is preparing to launch six advantaged projects in 2025, targeting an additional earnings potential of $8 billion by 2030. The company is also investing in advanced materials like ProxximaTM and entering the battery anode market with a new high-performance coke product.
ExxonMobil's Low Carbon Solutions segment aims to invest up to $30 billion in low-emission opportunities such as carbon capture and storage, hydrogen, and lithium between 2025 and 2030. The Baytown facility is expected to become the world's largest low-carbon hydrogen plant, scheduled to commence operations in 2029.
ExxonMobil's comprehensive plan for 2030 reflects its intention to continue investing in projects that promise high returns and contribute to emissions reductions, while also prioritizing shareholder value through dividends and share buybacks.