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Energy Sector Update for 03/07/2018: XOM

Exxon Mobil ( XOM )

Exxon Mobil Corp's chief, Darren Woods, to analysts on how he expects to double earnings to $31 billion by 2025:

-Growth coming online from new and existing projects is expected to increase production from 4 million oil-equivalent barrels per day to about 5 million.

-The company plans to increase tight-oil [aka shale] production five-fold from the U.S. Permian Basin.

-25 start-up projects worldwide will add more than 1 million oil-equivalent barrels per day.

Key growth areas:

-Guyana has added 3.2 billion gross oil equivalent barrels of recoverable resource.

-Permian -- the company has tripled its estimated recoverable resource to 9.5 billion oil-equivalent barrels

and the acquisition cost of the Bass properties there to just above $1 per oil-equivalent barrel.

-Downstream -- upgrading its product slate through strategic investments at refineries in Baytown and Beaumont in Texas and Baton Rouge, Louisiana, Rotterdam, Antwerp, Singapore, and Fawley in the U.K.... to produce more higher value products, including ultra-low sulfur diesel, chemicals feedstocks and basestocks for lubricants, projected to increase margins by 20%.

-Chemicals -- adding capacity in North America and Asia Pacific by about 40%, including adding 13 new facilities, including two world-class steam crackers in the United States.

(First Oil reports are produced by MT Newswires' global team of oil reporters. This story is also disseminated in real time to energy industry professionals via the First Oil Chat service on the ICE Instant Message application.)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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