Cumulative structural cost savings plan increased by $2 billion, now $20 billion vs. 2019
All 2030 corporate GHG emissions intensity plans now expected to be achieved in 2026
SPRING, Texas–(BUSINESS WIRE)–ExxonMobil today updated its Corporate Plan through 2030. The Plan’s increased earnings and cash flow outlook reflects stronger contributions from advantaged assets, a more profitable business mix, and lower operating costs; all driven by the company’s unique set of durable competitive advantages and its successful multi-year transformation.
“Several years ago, when we began to transform this company, we did so with one objective: to fully unlock our competitive advantages. Today, our transformation is driving industry-leading results,” said Darren Woods, ExxonMobil chairman and CEO. “With our updated Plan, we’re extending that leadership position. By 2030, we now expect $25 billion in earnings growth and $35 billion in cash flow growth vs. 2024 on the same constant price and margin basis.1 We expect to do it with no increase in capital, while generating a return on capital employed of more than 17%. We’re also beating our 2030 emission-reduction plans across the portfolio. We’ve already achieved our plans for reducing GHG and flaring intensity and expect to reach our planned 2030 methane intensity reductions next year.
“As I’ve said many times, ExxonMobil is not defined by our products but by our capabilities. Our transformation helps ensure that in any future market environment, and for decades to come, ExxonMobil will have an important role and deliver substantial shareholder value.”
Financial strength2030 Plan raised to $25 billion earnings growth at constant prices and margins and $35 billion cash flow growth at constant prices and margins vs. 20241
Cumulative surplus cash flow of roughly $145 billion through 20302
ExxonMobil raised its outlook to $25 billion in earnings growth and $35 billion in cash flow growth from 2024 to 2030, a $5 billion improvement in both metrics vs. the prior plan.1 Importantly, these gains come with no increase in capital spending, underscoring ExxonMobil’s execution excellence and disciplined capital allocation. Earnings growth is projected to average 13% per year through 2030, with double-digit cash flow growth, and even higher per-share growth, driven by ongoing share repurchases.
Over the next five years, the company expects to generate roughly $145 billion in cumulative surplus cash flow at $65 real Brent, with return on capital employed now reaching over 17% in 2030.2 Currently the second largest dividend payer in the S&P 500, ExxonMobil has increased its annual dividend per share for 43 consecutive years – a distinction achieved by less than 5% of S&P 500 companies. The company remains on track to repurchase $20 billion of its shares this year, with plans to maintain that pace through 2026, assuming reasonable market conditions.
UpstreamTotal Upstream production increases to 5.5 million oil-equivalent barrels per day by 2030
Production from advantaged assets expected to comprise 65% of total volumes by 2030
Building on last year’s plan, the company now anticipates more than $14 billion in Upstream earnings growth at constant prices vs. 2024, an increase of $5 billion versus prior guidance.1 The increase reflects stronger Permian growth – underpinned by technology advancements and improved capital efficiency – as well as further structural cost reductions and base portfolio optimization. Unit earnings excluding identified items, which have doubled since 2019, are projected to reach more than $15 per barrel by 2030, three times 2019 levels.
The company’s advantaged assets – Permian, Guyana, and LNG – remain central to this growth. By 2030, production from these assets is expected to reach nearly 3.7 million oil-equivalent barrels per day, representing approximately 65% of total volumes.
In the Permian Basin, ExxonMobil has the largest and highest-quality inventory position in the industry providing a runway of growth well into the 2030s. Proprietary technologies, integration benefits from the Pioneer acquisition, and scale efficiencies are delivering industry-leading performance. The company has a deep pipeline of unique, proprietary technologies focused on achieving its goal of doubling resource recovery, and early results are already showing about 20% recovery improvement from its proprietary lightweight proppant technology alone. Pioneer synergies are expected to be $4 billion annually, double initial estimates.3 Due to its deep technology pipeline and efficiency gains, the company expects to double production in the Permian Basin by 2030 vs. 2024 to approximately 2.5 million oil-equivalent barrels per day – 200 thousand oil-equivalent barrels higher vs. the prior plan.
Product Solutions~$4 billion of earnings growth at constant nominal margins by 2030 from advantaged projects; 60% of that growth is from projects already online
High-value products projected to contribute more than 40% of Product Solutions’ 2030 earnings plan
ExxonMobil has nearly doubled Product Solutions’ earnings on a constant nominal margin basis since 2019.4 This year’s Plan carries that momentum forward with Product Solutions on track to deliver more than $9 billion in earnings growth by 2030 vs. 2024 and establish a strong platform for continued growth well into the next decade.5 This performance reflects disciplined execution of competitively advantaged projects, proprietary technology deployment, and structural cost reductions.
Advantaged projects remain the cornerstone of this strategy, contributing approximately $4 billion of earnings growth by 2030.1 Roughly 60% of this growth is derisked through projects that have already started up. These projects expand production of higher-value fuels, performance chemicals, and lubricants, driving improved unit profitability and strengthening ExxonMobil’s position in differentiated markets.
High-value products, including new businesses such as Proxxima™ systems and carbon materials, are projected to contribute more than 40% of earnings potential by 2030, extending growth into high-margin, high-growth markets.
Low Carbon SolutionsDemonstrated Carbon Capture and Storage (CCS) leadership with roughly 9 MTA of CO₂ under contract with third-party customers and world’s first large scale end-to-end CCS system6
Advancing the company’s first integrated CCS-enabled low-carbon data center project offering
ExxonMobil is leveraging its unique capabilities to build a portfolio of low-carbon businesses aligned with the company’s core strengths.
ExxonMobil established the world’s first large-scale, end-to-end carbon capture and storage system along the U.S. Gulf Coast.6 The company is far ahead of competitors with third-party customers under contract representing roughly 9 million metric tons of CO₂ annually. The first CCS project began operations this year, and additional projects with partners like Linde, Nucor, and New Generation Gas Gathering (NG3) will start up in 2026.7 The company is also advancing integrated CCS-enabled low-carbon data center projects, targeting a final investment decision by late 2026, reinforcing its ability to unlock new markets through CCS.
Growing beyond 2030
ExxonMobil’s business will continue to evolve to meet society’s needs through 2030 and beyond. This includes strengthening the Upstream business with continued growth in the Permian Basin and new LNG project startups in Papua New Guinea and Mozambique, as well as developing high-value products in the Product Solutions portfolio. The company is also growing new businesses that have the potential to reach $13 billion in earnings by 2040 as lower-emissions markets mature, including technology-driven Proxxima™ systems and carbon materials.8 To this end, the company is pursuing approximately $20 billion of lower-emission investments between 2025 and 20309, with approximately 60% focused on reducing emissions for third-party customers. Pacing of these opportunities will continue to be contingent on the development of supportive policy and broader market formation, balancing risks and opportunities to ensure strong returns and delivery of shareholder value. New businesses like Proxxima™ systems, carbon materials, CCS, hydrogen, lithium, and others create a long runway of profitable growth for ExxonMobil for decades to come.
Supporting materials for this press release are available on the ExxonMobil Investor Relations site.
1 Increases are versus 2024. Earnings growth and cash flow growth are based on earnings and cash flow at a constant price and margin basis. Constant price and margin basis includes adjustments to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. Cash flow from operations also excludes working capital/other.
2 Surplus cash is calculated assuming 2024 $65 real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. Any decisions on future dividend levels are at the discretion of the Board of Directors. This calculation assumes dividends are held flat relative to 4Q25 levels. The cash capex & other includes changes in non-controlling interests, and 3Q25 cash balance excludes $5 billion minimum cash assumption.
3 2x increase in Pioneer synergies based on current estimate compared to original deal basis shared on October 11, 2023 (Merger of ExxonMobil and Pioneer).
4 Increase represents 2019 versus 2025 on constant nominal margin basis. Constant nominal margin basis includes 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019.
5 Increase represents earnings growth from 2024 to 2030 on constant nominal margin basis. Constant nominal margin basis includes 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019.
6 “End-to-end CCS system” entails integration of CO2 capture, transportation, and storage. Based on contracts starting in 2025, subject to additional investment by ExxonMobil, and receipt of government permitting for carbon capture and storage projects.
7 Subject to additional investment by ExxonMobil and implementation of supportive government policy, including government permitting for carbon capture and storage projects.
8 New businesses earnings potential is based on internal assessment of ExxonMobil’s ability to capture Total Addressable Market potential. Roughly $13 billion of earnings potential by 2040 is subject to additional investment by ExxonMobil.
9 Lower emissions investments include cash capex attributable to carbon capture and storage, hydrogen, lithium, biofuels, Proxxima™ systems, carbon materials, and activities to lower ExxonMobil’s emissions and/or third party emissions.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.
The corporation’s primary businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity. To learn more, visit exxonmobil.com and ExxonMobil’s Advancing Climate Solutions.
Follow us on LinkedIn.
Contacts
ExxonMobil Media Relations
(737) 272-1452