ExxonMobil Announces Record Oil Production Plans Through 2030

The energy giant plans to invest up to $33 billion annually to expand production, leveraging its $60 billion Pioneer acquisition despite forecasts of a global oil surplus.

ExxonMobil will increase annual capital expenditures to $27-$29 billion in 2025 and $28-$33 billion annually from 2026 to 2030.
The company aims to produce 5.4 million barrels of oil-equivalent per day by 2030, up from 3.7 million in 2023, marking its highest production levels in modern history.
Exxon's strategy contrasts with industry peers like Chevron and OPEC+, which are scaling back production or cutting spending due to concerns over a global oil glut.
The $60 billion acquisition of Pioneer Natural Resources has accelerated Exxon's upstream production goals and generated $3 billion in cost savings, 50% higher than initial estimates.
Exxon plans to invest $30 billion in low-carbon initiatives by 2030, while maintaining profitability even at oil prices as low as $35 per barrel.