Oil and gas giant ExxonMobil today announced its strategy for aggressive growth in an effort to double earnings and cash flow by 2025.
The plans to increase earnings to $31billion by 2025.
Exxon is looking to make double its current profits in upstream, downstream and chemical sectors.
Darren Woods, chairman and chief executive officer at ExxonMobil, said: “We’ve got the best portfolio of high-quality, high-return investment opportunities that we’ve seen in two decades.
“Our plan takes full advantage of the company’s unique strengths and financial capabilities, using innovation, technology and integration to drive long-term shareholder value and industry-leading returns”
Exxon intends to make significant gains via a ‘number of growth initiatives involving low-cost-of-supply investments’ in US tight oil, deepwater and liquefied natural gas (LNG).
Thanks to a number of discoveries the oil firm predict significant growth off Guyana, with further development and exploration closer to home within the Permian Basin.
Mr Woods added: “We are in a solid position to maximize the value of the increased Permian production as it moves from the well head to our Gulf Coast refining and chemical operations, where we are focusing on manufacturing higher-demand, higher-value products.
“We are uniquely positioned to take advantage of the global demand growth for higher-value products in the downstream and chemical. Our combined strengths in innovative technology, resource and market access, marketing product leadership and integration improve profitability and create significant shareholder value.
“Our existing business and plans for growth are robust to a wide range of price environments, allowing us to maintain a growing dividend and a strong balance sheet while returning excess cash to our shareholders.”
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