ExxonMobil Raises Its 2030 Plan – Transformation Delivering Higher Earnings, Stronger Cash Flow, and Greater Returns

• Increases of $5 billion in earnings and cash flow growth at constant prices and margins vs. prior plan with no capital spending increase¹
• 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 strength

• 2030 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.

Upstream

• Total 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 Solutions

• Demonstrated 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.

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.

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Cautionary Statement

FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, performance, earnings power, earnings growth at constant prices and margins, potential addressable markets, opportunities, ambitions, or results in this presentation or the subsequent discussion period are forward-looking statements. Similarly, discussions of future projects or markets for carbon capture, transportation, and storage, as well as lower-emission fuels, hydrogen, ammonia, lithium, direct air capture, Proxxima™ systems, carbon materials, low-carbon data centers, and other low carbon and new business plans to reduce emissions and emission intensity of ExxonMobil, its affiliates, or third parties are dependent on future market factors, such as continued technological progress, stable policy support, and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, surplus cash, dividends, or shareholder returns, including the timing and amounts of share repurchases; total cash capital expenditures and mix, including allocations of capital to low carbon and other new investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressures; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in integrated Upstream Permian Basin unconventional operated assets by 2035, to eliminate routine flaring in line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives, and to meet ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology advances, including in the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce lithium, produce Proxxima™ systems, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; maintenance and turnaround activity; drilling and improvement programs; price and margin recovery; planned Pioneer or Denbury integration benefits; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number of factors. These include global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, seasonal fluctuations, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; new or changing government policy support for lower carbon and new market investment opportunities, or policies limiting the attractiveness of investments such as European taxes on energy and unequal support for different methods of emissions reduction; consumer preferences including for emission-reduction products and technology; uncertain impacts of deregulation on the legal and regulatory environment; changes in interest and exchange rates; variable impacts of trading activities; the outcome of competitive bidding and project awards; regulatory actions in any part of the world targeting public companies in the oil and gas industry; development or changes in local, national, or international laws, regulations, and policies affecting our business including extraterritorial environmental and tax regulation, trade tariffs, and trade sanctions; adoption of regulatory incentives consistent with written law; the ability to realize efficiencies within and across our business lines and to maintain current cost reductions as efficiencies without impairing our competitive positioning; decisions to invest in future reserves; reservoir performance, including variability and timing factors applicable to unconventional projects and the success of new unconventional technologies, and the ability of new technologies to improve recovery relative to competitors; the level, outcome, and timing of exploration and development projects and decisions to invest in future resources; timely completion of construction projects; war, civil unrest, attacks against the company or industry, realignment of global trade and supply chain networks, and other political or security disturbances; expropriations, seizures, and capacity, insurance, import, export, or shipping limitations by foreign governments or international embargoes; changes in market strategy by national oil companies; opportunities for and regulatory approval of investments or divestments; the outcome of other energy companies’ research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties, including the need for unplanned maintenance; and other factors discussed here and in Item 1A. Risk Factors of our Form 10-K and also under the sub-heading “Factors Affecting Future Results” found in the “Earnings” section of the “Investors” page of our website at www.exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this release and we assume no duty to update these statements as of any future date. Neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact.

With respect to historical periods, definitions and reconciliations are provided on pages 7 to 12 and in the Frequently Used Terms available under the “Modeling Toolkit” tab on the Investor Relations page of our website at www.exxonmobil.com for certain terms used in this Press Release including cash capex; cash opex excluding energy and production taxes; earnings (loss) excluding identified items; earnings growth at constant prices and margins; earnings growth at constant prices; earnings growth at constant margins; earnings at constant margins; return on average capital employed (ROCE); and unit earnings ex identified items. For future periods, we are unable to provide a reconciliation of forward-looking non-GAAP or other measures to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions noted above.

IMPORTANT INFORMATION AND ASSUMPTIONS REGARDING CERTAIN FORWARD-LOOKING STATEMENTS. For all price point comparisons, unless otherwise indicated, we assume $65/bbl Brent crude prices, $3/mmbtu Henry Hub gas prices, and $6.5/mmbtu TTF gas prices. Unless otherwise specified, crude prices are Brent prices. These are used for clear comparison purposes and are not necessarily representative of management’s internal price assumptions. Crude and natural gas prices for future years are adjusted for inflation (assumption of 2.5%) from 2024. Operating costs and cash capex are also inflated consistent with plans done on a country-by-country basis.

Energy, Chemical, and Specialty Product margins reflect annual historical averages for the 10-year period from 2010—2019 unless otherwise stated. Lower emissions returns are calculated based on current and potential future government policies based on ExxonMobil projections as of the date of this presentation. These prices are not intended to reflect management’s forecasts for future prices or the prices we use for internal planning purposes. Unless otherwise indicated, asset sales and proceeds and Corporate and Financing expenses are aligned with our internal planning. Corporate and Financing expenses reflect estimated potential debt levels under various disclosed scenarios.

Our capital allocation plans do not extend beyond 2030. Statements about our businesses that reference periods beyond 2030 are made on a basis consistent with ExxonMobil’s Global Outlook, which is publicly available on our website. Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for emission-reduction planning beyond 2030 is based on ExxonMobil’s Global Outlook research and publication. The Global Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. However, the Global Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Global Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by ExxonMobil or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns.

ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, operated by others, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

Competitor data and ExxonMobil data used for comparisons to competitor data are sourced from publicly available information, Bloomberg, Kayrros, Independent Project Analysis, International Association of Oil & Gas Producers, American Fuel & Petrochemical Manufacturers, and FactSet and are done so consistently for each company in the comparisons. Future competitor data and future ExxonMobil data used for comparison to future competitor data, unless otherwise noted, are sourced from FactSet and have not been independently verified by ExxonMobil or any third party.

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