Exxon to boost oil production despite global slowdown
- ExxonMobil plans to increase oil production to 5.4 million barrels per day by 2030, despite a global oil market slowdown, according to the company.
- Exxon will spend $27-29 billion in cash in 2025, maintaining its spending from this year, as reported by Darren Woods.
- The company aims to improve production costs after acquiring Pioneer Natural Resources for $60 billion, Woods stated.
53 Articles
53 Articles
Exxon 'Getting Into the Power Business'
Exxon Mobil currently runs gas power plants in Texas, Louisiana, and Illinois to power its own operations. The plant it's planning next will be its first to supply electricity to others: specifically, data centers, and soon. The New York Times reports America's biggest oil and gas company is "get[ting] into...
Exxon to Increase Oil Production by 18% By 2030
U.S. oil and gas giant Exxon Mobil Corp. (NYSE:XOM) has unveiled plans to increase spending to $28-$33 billion annually with a goal of lifting oil and gas output by 18% by 2030. Exxon has set a target to increase overall oil and gas output to 5.4 million bpd by 2030, up about 18% from 4.58 million bpd currently. According to Exxon CEO Darren Woods, the increased project spending is expected "to generate returns of more than 30% over the life of …
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