By Dean Seal


ExxonMobil updated its corporate plan with a target of doubling its earnings potential by 2027 compared with 2019.

The oil and gas giant said Wednesday that it is on track to deliver $14 billion in further earnings and cash flow growth potential over the next four years.

The company is cutting $6 billion in structural costs by the end of 2027 and improving its business mix by driving sales for its high-value performance chemicals, lower-emission fuels, and performance lubricants.

ExxonMobil expects its capital investments to generate average returns of 30% and said that more than 90% of its capital expenditures have payback periods of less than 10 years.

The company also said it will increase capital expenditures in 2025 by growing value-accretive low-carbon solutions opportunities to reduce emissions.

Once ExxonMobil closes its acquisition of Pioneer Natural Resources, it intends to increase the pace of its share buyback program to $20 billion annually through 2025. The company is on track to complete $17.5 billion in share repurchases this year.

ExxonMobil said it is also developing its position in the lithium market and has entered the first phase of lithium production in southwest Arkansas. First production is expected in 2027, with the goal of producing enough lithium to supply the manufacturing needs of about 1 million electric vehicles a year by 2030.


Write to Dean Seal at


(END) Dow Jones Newswires

December 06, 2023 07:38 ET (12:38 GMT)

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