Exxon Mobil plans to more than double earnings potential by 2025 while addressing the risks of climate change through continued research into breakthrough lower-carbon technologies, Chairman and Chief Executive Officer Darren Woods told shareholders during the company’s annual meeting.
Dallas/USA — Through record discoveries, world-class acquisitions and growing access to attractive markets, Exxon Mobil has put together the best portfolio of new investments since the Exxon-Mobil merger nearly 20 years ago, Chairman and Chief Executive Officer Darren Woods told shareholders during the company’s annual meeting.
Lower-cost-of-supply investments in U.S. tight oil, deepwater and liquefied natural gas (LNG) are key drivers behind the company’s growth plans, and are supported by a suite of industry-leading technologies including advanced seismology, integrated reservoir modeling and data analytics.
The company has announced it would increase tight oil production in the U.S. Permian Basin five-fold, and start up 25 projects worldwide, which will add volumes of more than one million oil-equivalent barrels per day. In 2017, the oil company added 10 billion oil-equivalent barrels to its resource base in locations including the Permian, Guyana, Mozambique, Papua New Guinea and Brazil.
Exxon Mobil is upgrading its product slate through strategic investments at refineries in Baytown and Beaumont in Texas and Baton Rouge, Louisiana, Rotterdam, Antwerp, Singapore, and Fawley in the U.K. The company expects to grow its chemical manufacturing capacity in North America and Asia Pacific by about 40 %, in part by adding 13 new facilities including two world-class steam crackers in the United States.
Woods said the company is focused on four fundamentals: integration, technology, operational excellence and project execution. He also stressed the company’s commitment to a solutions-oriented approach to address the dual challenge of producing energy the world needs for economic growth while addressing the risks of climate change.
Earlier this year, the company released its updated Energy & Carbon Summary report, which examined a range of 2 °C scenarios developed at a Stanford University forum.