ExxonMobil is continually progressing its growth plans to increase earnings and cash flow potential by researching technology breakthroughs to reduce emissions, Darren Woods, Chairman and CEO, told shareholders during the company’s annual meeting.
“We are committed to sharing the company’s success with our shareholders,” said Woods in a press release. “Higher earnings and increased cash flow from our investments are a good means to accomplish this. We are equally committed to helping society reduce global emissions while supporting growth and prosperity for communities around the world – effectively addressing the dual challenge.”
ExxonMobil intends to increase their annual earnings potential by more than 140% and double potential annual cash flow from operations by 2025. During the meeting, Woods highlighted the progress on major upstream projects that can be expected to help the company increase production to approximately five million oil-equivalent barrels per day by 2025.
The projects will increase production in the Permian Basin to one million oil-equivalent barrels per day by 2024. In Guyana, the ExxonMobil recently announced the 13th discovery on the Stabroek block, adding to the previously estimated 5.5 billion barrels of discovered recoverable resource. In Brazil, the company has acquired 2.3 million net acres in a promising exploration play and is finalizing development plans for the Carcara resource, which will begin production by 2024. In Mozambique, ExxonMobil has secured offtake commitments for the Rovuma LNG project as it moves toward a final investment decision. In Papua New Guinea, the company is planning a three-train liquefied natural gas expansion as it continues to explore for gas in the region.
Woods further highlighted ExxonMobil’s continued efforts to address society’s modern challenge of providing affordable energy necessary for economic growth while reducing harmful environmental impacts.
Image Courtesy of ExxonMobil.
