ExxonMobil Says On Track To Improve Annual Earnings, Cash Flow By $14 Bln Through 2027

(RTTNews) - ExxonMobil Corporation (XOM), an oil and gas company, said on Wednesday that it is on track to increase its annual earnings and cash flow by $14 billion from year-end 2023 through 2027.

This will be achieved by reducing structural costs, supporting the production from low-cost-of-supply, advantaged assets and increasing sales of high-value performance chemicals, lower-emission fuels, and performance lubricants.

Since 2019, the energy provider has added about $10 billion to its annual earnings and cash flow.

The company also announced it intends to deliver $6 billion in additional structural cost reductions by year-end 2027, bringing the total structural cost savings to around $15 billion versus 2019.

Upstream earnings potential is on track to more than double by 2027 versus 2019, resulting from investments in high-return, low-cost-of-supply projects.

The company expects oil and gas production in 2024 to be about 3.8 million oil-equivalent barrels per day, rising to about 4.2 million oil-equivalent barrels per day by 2027, driven by growth in the Permian and Guyana.

Product Solutions is leveraging scale and technology advantages to nearly triple earnings potential by 2027 against 2019.

ExxonMobil is also pursuing over $20 billion of lower-emissions opportunities through 2027, which represents the third increase in the last three years, from an initial $3 billion in projects identified in early 2021.