Correction: ExxonMobil Sees 5.5M Bpd by 2030

SECAUCUS, NJ (DTN) – ExxonMobil expects its total upstream production to reach 5.5 million bpd by 2030, the oil major said in an updated corporate outlook Tuesday (12/9) that set a new $25 billion target in earnings growth by end of the decade — up by $5 billion from before.

The company said its “advantaged assets” — the Permian, Guyana, and LNG — will remain central to 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. This concentration on high-return regions drives both volume increases and profitability, ExxonMobil said.

The Permian Basin itself is expected to double production to 2.5 million bpd by 2030, a projection supported by the acquisition of Pioneer Natural Resources. This integration is forecast to yield $4 billion more annually in synergies, making up the bulk of the higher earnings forecast, according to the company.