ExxonMobil has announced its Corporate Plan to 2030, establishing a framework aimed at reinforcing the company’s record of delivering significant shareholder value. The plan outlines a strategy to capitalise on ExxonMobil’s distinctive competitive advantages and extensive opportunities, targeting substantial growth in earnings and cash flow.
The company projects an additional $20bn in earnings and $30bn in cash flow, driven by investments in competitively advantaged projects, operational excellence, and stringent cost and capital management.
ExxonMobil chairman and CEO Darren Woods said: “ExxonMobil has a unique set of highly valuable competitive advantages that equip us to do what few companies have ever done – create world-scale solutions to society’s biggest challenges, decade after decade.
“Our steadfast commitment to strengthening these advantages, including an unwavering investment in technology, has led to a history of innovative solutions that meet society’s critical needs, reduce costs, and grow high-value products.
“That’s a formula for profitable growth and shareholder value through and beyond 2030 – no matter the pace and scale of the energy transition – that truly puts us in a league of our own.”
Over the past five years, ExxonMobil’s consistent execution of its strategy and business transformation initiatives has significantly enhanced its earnings potential.
On a constant price and margin basis, the company is now generating over $15bn in earnings and more than $20bn in cash flow compared to 2019 levels. Additionally, ExxonMobil has achieved structural cost savings exceeding $11bn year-to-date, also compared to 2019 figures.
The company aims to achieve a compound annual growth rate (CAGR) of 10% in earnings and 8% in cash flow. Additionally, it has outlined plans to realise $7bn in structural cost savings by streamlining business processes, optimising supply chains, improving maintenance turnaround procedures, and modernising information technology and data management systems.
The company’s capital allocation strategy focuses on high-return, low-cost-of-supply investments that offer a competitive advantage. In 2025, ExxonMobil expects cash capital expenditures to range between $27bn and $29bn, reflecting the inclusion of Pioneer in the portfolio and investment to establish new businesses, while base capital expenditures remain flat. From 2026 to 2030, base capital expenditures remain consistent, with growth in capital expenditure driven by advancing strategically advantageous long-term opportunities in emerging businesses and select early-stage large projects within its traditional operations. The reinvestment rate, relative to expected cash flow, is projected to decline by 10 percentage points over the plan period.
Growth in cash flow and earnings is expected to generate $165bn in surplus cash over the plan period, enabling higher shareholder distributions.
ExxonMobil continues to enhance its Upstream portfolio, prioritising advantaged assets that deliver lower costs of supply and higher returns. By 2030, using a 2024 dollar real Brent price of $65 per barrel, a real Henry Hub price of $3 per million British thermal units (mmbtu), and a real TTF price of $6.50 per mmbtu, the company projects an additional $9bn in annual Upstream earnings potential—an increase of more than 50% compared to 2024.
The acquisition of Pioneer enabled ExxonMobil to reach its goal of deriving over 50% of total Upstream production from advantaged assets, including the Permian Basin, Guyana, and LNG projects, three years ahead of schedule. By 2030, over 60% of production is expected to originate from these assets, which are anticipated to grow by an additional 1.2 million oil-equivalent barrels per day (Moebd) during the period. Total Upstream production is forecast to reach 5.4 Moebd by 2030, even as the company aims to reduce its operated Upstream emissions intensity by 40-50% compared to 2016 levels.
Following the integration of Pioneer, ExxonMobil expects to realise over $3bn in annual synergies—a more than 50% increase compared to previous estimates.
ExxonMobil’s Product Solutions division is projected to increase its annual earnings potential by an additional $8bn by 2030, based on average margins from 2010 to 2019. This represents a compound annual growth rate (CAGR) of 10%.
