ExxonMobil expects to increase the annual earnings potential by more than 140 per cent and double the annual cash flow from operations by 2025, Darren Woods, CEO of ExxonMobil, told shareholders during the company’s annual meeting
“We are committed to sharing the company’s success with our shareholders,” said Woods. “Higher earnings and increased cash flow from our investments are a good means to accomplish this. We are equally committed to helping society reduce global emissions while supporting growth and prosperity for communities around the world – effectively addressing the dual challenge.”
During the meeting, Woods highlighted progress on major upstream projects that are expected to help increase production to about five million oil-equivalent bpd by 2025.
In its downstream and chemical businesses, ExxonMobil is on track to more than double earnings potential from 2017 adjusted results by 2025, assuming constant 2017 margins, with investments that capitalise on proprietary technology.
“Using technology we developed, we are now upgrading low-value product streams directly into higher-value base stocks and distillates – a first for our industry,” he added.
Woods further highlighted ExxonMobil’s continuing efforts to address society’s dual challenge of providing affordable energy necessary for economic growth while reducing environmental impacts.
Woods stated that the company continues its work on potential technology breakthroughs – including next-generation biofuels for transportation, carbon capture for power generation and new industrial processes to reduce energy use – to provide reliable, affordable and lower-emission energy at the necessary scale to have a global impact.
The company has committed to spend up to US$100mn over 10 years on research with the US Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory to bring lower-emissions technologies to commercial scale.
“The agreement adds to our work with more than 80 universities around the world and with five energy centres – at MIT, Princeton, Stanford, the University of Texas and two national universities in Singapore. In addition, we partner with private sector companies that have unique capabilities critical to potential breakthroughs, such as Synthetic Genomics on algae biofuels,” he concluded.
