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ExxonMobil, the largest US oil company, has updated its growth plans and expects annual earnings potential to increase by more than 140% through 2025 from 2017 adjusted earnings, assuming an oil price of $60 per barrel and with based on 2017 margins.
“Given the success we experienced last year and the progress we are making on our plans, we have even greater confidence in our ability to increase value for our shareholders,” said Darren W. Woods, President and CEO of the company – Dia investor's annual report on the New York Stock Exchange.
“We are outpacing our aggressive growth strategy that we set out last year,” said Woods.
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ExxonMobil's updated earnings projection compares to last year's estimated 135% increase between 2017 and 2025, based on adjusted 2017 earnings. for further improvements in the company's investment and divestment plans.
ExxonMobil expects annual cash flow from operations to reach $60 billion in 2025, assuming oil prices at $60 a barrel and 2017 margins. from 2019 to 2025 is $24 billion higher than what was communicated at last year's analyst meeting, including $15 billion of advance asset sales from 2019 to 2021.
A company expects to double return on capital employed by 2025, below $60 per barrel price scenario described during last year's investor day.
In Brazil
Upstream, growth will benefit from ExxonMobil's exploration success and progress on development plans. In 2018, the company added 1,3 billion barrels of oil equivalent to its resource base, which included additions from new discoveries and strategic acquisitions, primarily in Guyana and Brazil.
In Guyana, the estimated gross recoverable resource of the Stabroek Block is approximately 5,5 billion barrels of oil equivalent. This compares to an updated resource estimate at the end of last year of more than 5 billion barrels of oil equivalent.
In Brazil, ExxonMobil built an area of 2,3 million acres, adding 800.000 acres in 2018.
A major liquefied natural gas (LNG) project in Mozambique is on track for a final investment decision this year.
Papua New Guinea's LNG project is progressing. In February 2019, the company sanctioned the Golden Pass LNG project to capitalize on the low-cost supply of US natural gas and expected growth in global LNG demand.
