The US oil and gas company ExxonMobil has outlined a new growth strategy and plans to double its earnings from the current US$15bn to US$31bn and cash flow from operations by 2025 (at today's oil prices).
ExxonMobil expects to significantly increase its earnings from low-cost-of-supply investments in US tight oil, deepwater and liquefied natural gas (LNG) projects. The company intends to increase the tight shale production from the US Permian basin five-fold and will launch 25 new projects worldwide, which are expected to increase ExxonMobil's daily production from the current 4 mboe/d to 5 mboe/d. As for LNG activities, new production will be brought onstream to face the increase in global demand. The company added 10 Gboe to its resource base in 2017 in locations such as Permian (United States), Guyana, Mozambique, Papua New Guinea and Brazil, of which 3.2 Gboe from Guyana only and 5.4 Gboe from the Permian play.
ExxonMobil also aims to double earnings from its downstream business by 2025, thanks to strategic investments at refineries in Baytown and Beaumont in Texas and Baton Rouge, Louisiana (United States), Rotterdam, Antwerp (Netherlands), Singapore, and Fawley in the United Kingdom. These investments should raise the production of higher-value products, such as ultra-low sulfur diesel, chemicals feedstocks and basestocks for lubricants. ExxonMobil bets on a higher fuel demand in emerging markets, and plans to enter into new markets such as Mexico and Indonesia.