ExxonMobil 2030 plan targets growth and low-carbon solutions
ExxonMobil has unveiled its comprehensive Corporate Plan to 2030, aiming to deliver USD20 billion in incremental earnings and USD30 billion in cash flow. The strategy leverages the company’s unique competitive advantages to drive innovation, profitability, and sustainability while navigating the energy transition.
The plan includes a significant expansion of ExxonMobil’s upstream production, targeting 5.4 million barrels of oil-equivalent per day by 2030, with more than 60% derived from advantaged assets in the Permian Basin, Guyana, and liquefied natural gas (LNG). The company also intends to double its Permian Basin production and deliver annual synergies of USD3 billion following its acquisition of Pioneer Natural Resources.
Chairman and CEO Darren Woods stated, “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.”
ExxonMobil also plans to allocate USD140-160 billion toward major projects, with up to USD30 billion dedicated to low-carbon solutions, including carbon capture and storage, hydrogen, and lithium ventures.
“Through 2030, we plan to deploy about USD140 billion to major projects and the Permian Basin development program,” said Woods. “We expect this capital to generate returns of more than 30% over the life of the investments. Strong investment returns have driven 42 consecutive years of annual dividend growth, a claim only 4% of the S&P 500 can make. This is why, when we list our capital allocation priorities, investing in accretive growth always comes first.”
Key highlights:
- Product Solutions: Earnings growth of USD8 billion by 2030, driven by six advantaged projects across the U.S., UK, Canada, and China.
- Low-Carbon Solutions: Development of the world’s largest low-carbon hydrogen facility in Baytown, Texas, and expansion of carbon capture infrastructure.
- Sustainability Goals: Reducing upstream emissions intensity by 40-50% and achieving net-zero Scope 1 and 2 emissions for operated assets by 2050.
The company is on track to start up six advantaged projects in 2025, as many as in the prior five years combined. These projects drive significant volume and mix improvements and include the China chemical complex; a hydrofiner in Fawley, U.K.; the Singapore resid upgrade project; a renewable diesel project in Strathcona, Canada; additional advanced plastics recycling units in Baytown, Texas; and an expansion of the ProxximaTM thermoset resin manufacturing facilities in East Texas.
Proxxima has unique properties that will drive substitution in existing markets and expand into new applications like structural composites and steel substitutes – areas where traditional resins struggle to compete. The company is investing in facilities to produce more Proxxima feedstock with plans to ramp up capacity to nearly 200,000 metric tons per year by 2030.
ExxonMobil also is growing its carbon materials venture to capture attractive opportunities in battery anode markets. ExxonMobil developed an advanced coke product that delivers a higher performance, differentiated graphite. The result is a battery with up to 30% higher capacity, 30% faster charging time, and extended battery life. The company is working with automobile manufacturers to test this new product, with plans to have its first commercial-scale plant online in 2028 to meet the growing demand for electric vehicle batteries and their components.
