ExxonMobil has updated its Corporate Plan through 2030, outlining plans to increase oil and gas production (ExxonMobil press release, 09/12/2025).
Upstream production is projected to reach 5.5 mboe/d by 2030, up from the previous forecast of 5.4 mboe/d. The company intends to strengthen its upstream business through continued growth in the Permian Basin and the startup of new LNG projects in Papua New Guinea and Mozambique. “The company’s advantaged assets – Permian, Guyana, and LNG – remain central to this growth. By 2030, production from these assets is expected to reach nearly 3.7 million oil-equivalent barrels per day, representing approximately 65% of total volumes”.
The group is also expanding into Carbon Capture and Storage (CCS) with around 9 MtCO2 under contract with third-party customers and a large scale end-to-end CCS system along the US Gulf Coast.
Capital expenditures are expected to be US$27–29bn in 2026, and US$28–32bn annually from 2027 through 2030 as LNG projects progress.