ExxonMobil expects its annual earnings potential to increase by more than 140 percent by 2025 from 2017 adjusted earnings, assuming an oil price of $60 per barrel and based on 2017 margins.

ExxonMobil’s updated earnings projection compares with last year’s estimated increase of 135 percent between 2017 and 2025, based on 2017 adjusted earnings. Cumulative earnings potential from 2019 through 2025 has increased by about $9 billion, supported by further improvements to the company’s investment portfolio and divestment plans.

ExxonMobil expects annual cash flow from operations to reach $60 billion in 2025, assuming oil prices at $60 per barrel and 2017 margins. Cumulative cash flow from operations and asset sales over the period from 2019 to 2025 is $24 billion higher than what was communicated at last year’s analyst meeting, including $15 billion from anticipated asset sales from 2019 to 2021.

In Brazil, ExxonMobil has built a position of 2.3 million acres, adding 800,000 acres in 2018. Additionally, a key LNG project in Mozambique is on track for final investment decision this year. 

The Papua New Guinea LNG project is progressing and in February the company sanctioned the Golden Pass LNG project to capitalise on the low cost supply of U.S. natural gas and the expected growth in global LNG demand.

In the downstream, the company is progressing six major refining investments to meet growing demand for higher-value fuel and lubricant products. Three of those – a Beaumont hydrofiner, a delayed coker at Antwerp and an advanced hydrocracker at Rotterdam – are operating. The remaining three – Fawley hydrofiner in the U.K., light crude refining expansion at Beaumont and a residual upgrader in Singapore – are on schedule.

In the chemical business, the company detailed plans for 13 new facilities to supply growing demand for products. Seven of the projects started up through 2018 and the remaining six are on schedule. These investments are expected to deliver 30 percent sales growth by 2025, largely driven by technology-enabled performance products.

For more information visit www.exxonmobil.com

7th March 2019