Exxon raises profit outlook through 2030
Exxon Mobil has upgraded its long-term financial outlook, forecasting stronger earnings and cash flow growth through 2030 without raising capital spending.
The U.S. oil major now expects $25 billion in earnings growth and $35 billion in cash-flow growth from 2024–2030 — an increase of $5 billion for each compared to its previous plan, News.Az reports, citing Reuters.
Exxon said annual capital expenditures will remain unchanged at $28–33 billion through the decade.
The company also raised its production outlook. Total upstream output is now projected to reach 5.5 million barrels of oil equivalent per day (boepd) by 2030, up slightly from the earlier forecast of 5.4 million boepd.
Growth will be driven largely by key assets in the Permian Basin and Guyana, where combined production is expected to hit 3.7 million boepd by the end of the decade.
Exxon said the improved outlook reflects more profitable assets, a stronger business mix, and lower operating costs.
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