The top U.S. oil producer said its annual project spending will rise to between $28-billion and $33-billion between 2026 and 2030
on Wednesday said its annual project spending will rise to between $28-billion and $33-billion between 2026 and 2030 as it looks to boost its oil and gas output by 18 per cent.The top U.S. oil producer laid out a five-year plan to increase earnings by $20-billion and cash flow by $30-billion to fund its expansion plans for oil and liquefied natural gas production and drive shareholder returns.
CEO Darren Woods said the increased project spending is expected “to generate returns of more than 30 per cent over the life of the investments.” Overall oil and gas output should hit 5.4 million bpd, up about 18 per cent from roughly 4.58 million bpd currently. The new targets aim to assure shareholders that returns can be sustained through oil market price swings. Global benchmark Brent crude is expected to drop to about $75 per barrel next year from $81 this year, squeezing oil company profits.
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