ExxonMobil outlines corporate plan with over doubled earnings potential by 2027

Exxon Mobil Corporation has announced an update to its Corporate Plan through 2027, with a focus on significant annual earnings and cash flow growth by $14 billion from year-end 2023. The company also aims for average returns of approximately 30% on capital investments and is exploring over $20 billion in opportunities to reduce emissions.

The corporation has already achieved $9 billion in structural cost savings and anticipates an additional $6 billion by 2027. According to a press release by Exxon Mobil Corporation, efforts to consolidate value chains and centralize key activities are expected to enhance efficiency, improve execution effectiveness, and contribute to the doubling of upstream earnings potential by 2027 compared to 2019.

Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation, said in the press release: "By any measure, our plans have and will continue to deliver exceptional value. We remain committed to providing the energy and products that raise living standards around the world while building a new business to reduce emissions in hard-to-decarbonize parts of the economy. ExxonMobil is uniquely equipped to do both, and we’re confident that both present significant opportunities for profitable growth."

Woods continued: "We continue to see more opportunities to harness our technology, scale, and capabilities to implement real solutions to lower emissions and profitably grow our Low Carbon Solutions business. Success in accelerating emission reductions requires the development of nascent markets. We need technology-neutral durable policy support, transparent carbon pricing and accounting, and ultimately, customer commitments to support increased investment. We’re actively advocating for each of these areas so we can grow a profitable, and ultimately large, low carbon business."

According to the About webpage provided by Exxon Mobil Corporation, it operates globally in over 60 countries with a diverse workforce of 62,000 individuals including scientists, engineers, researchers, technicians professionals among others dedicated towards producing a range of energy products.