The US oil company ExxonMobil has announced its plans to increase its oil and gas output by 18%. Its annual capital expenditures will rise to between US$28bn and US$33bn between 2026 and 2030 to fund its expansion plans for oil and liquefied natural gas (LNG) production and drive shareholder returns. The strategy is based on doubling its Permian Basin output to 2.3 mboe/d by 2030, and expanding Guyana production to 1.3 mb/d. Exxon also plans to add two projects (from 7 to 10 total) in Guyana by 2030, while its LNG capacity target remains 40 Mt/year. ExxonMobil aims to raise its upstream production to 5.4 mboe/d by 2030, with over 60% of this production coming from its Permian, Guyana and LNG assets. The strategy aims to assure sustained returns through oil market price swings.
In May 2024, the ExxonMobil acquired Pioneer Natural Resources, in a deal that combined the two companies’ unconventional assets in the Delaware and Midland Basins, doubling ExxonMobil’s production and making it the largest oil producer in the Permian Basin with more than 1.3 Mboe/d.
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