Exxon predicts increased earnings and oil production by 2030

Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans to maintain the same spending targets of $28 billion - $30 billion annually through 2030.

Exxon said its updated corporate plan reflects the company's efforts to reduce costs and?"increase profits" even during periods of oil price volatility. Upstream, the oil producer's focus includes expanding its liquefied gas business.

By 2030, the upstream production is expected to reach 5.5 millions barrels of oil-equivalent per day (up from 5.4 million boepd).

The Permian basin, the largest oilfield in the United States, will help to boost this growth. Exxon said it would increase production to 2.5 million boepd from its previous goal of only 2.3 million.

Exxon also said that it aims to grow cash flow by $35 billion versus $20 billion between 2030 and 2024. This represents a $5 billion improvement over its previous outlook.

The company increased its cost-saving plan by $2 billion, and expects to achieve $20 billion of reductions by 2030.

(source: Reuters)