By Dean Seal


Exxon Mobil said it plans to grow its earnings at a compound annual growth rate of 10% and boost spending on capital projects through 2030.

The biggest U.S. oil company laid out an extensive six-year strategic plan on Wednesday that targets an additional $20 billion in potential earnings growth and $30 billion in cash flow potential.

The Spring, Texas, company said it also aims to unlock an additional $7 billion in structural cost savings through 2030 by simplifying its business processes, optimizing supply chains and modernizing its information-technology and data-management systems.

Exxon is earmarking $27 billion to $29 billion for capital expenditures in 2025, including the first full year of contributions from Pioneer Natural Resources, which Exxon agreed to buy for nearly $60 billion last year. The company has guided for $28 billion in capital spending for 2024.

The company expects to spend $28 billion to $33 billion a year from 2026 through 2030.

The company added that it currently expects to repurchase $20 billion of its shares next year and to buy back an additional $20 billion worth in 2026.


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

12-11-24 0817ET