ExxonMobil To Spend Billions More Through 2030 on Boosting Oil, Gas Production | Global News Avenue

Exxon Mobil redoubles its commitment to extracting more oil and gas, announcing a long-term plan focused on leveraging its nearly $60 billion in capital Buy Earlier this year, Pioneer Natural Resources Inc.

The energy giant announced its “Corporate Plan to 2030,” which it said “reflects the company’s strategy to leverage its unique competitive advantages and unparalleled opportunities to create significant upside potential for shareholders.”

ExxonMobil explained that it expects capital expenditures to be US$27 billion to US$29 billion in 2025 and US$28 billion to US$33 billion annually from 2026 to 2030. Before closing the Pioneer deal, the company guided for 2024 capital expenditures of $23 to $25 billion before raising capital to increase to $28 billion in August.

It added that the plan is expected to “deliver $20 billion in incremental earnings growth potential and $30 billion in incremental growth potential”. cash flow“.

Pioneer acquisitions help companies achieve upstream goals as early as possible

The company noted that it reached its goal of owning more than half of its total assets thanks to the acquisition of Pioneer. upstream Production of “preferred assets” and liquefied natural gas (LNG) in the Permian Basin of west Texas/southeast New Mexico, Guyana, is “three years ahead of schedule.” It explained that by 2030, more than 60% of production will come from these advantageous assets, equivalent to an increase of US$5.4 million. barrels of oil equivalent every day.

In addition, ExxonMobil pointed out that the synergies brought by the Pioneer transaction have saved it $3 billion in costs, more than 50% higher than originally expected.

Although Exxon Mobil shares are down 1% today, they are still up more than 11% year to date.