US energy giant ExxonMobil has outlined a growth strategy targeting a 100 percent increase in earnings by 2025 at 2017 prices.
Speaking of the company’s strategy, Darren Woods , chairman and CEO, during the meeting of investment analysts at the New York Stock Exchange, said the company has got “the best portfolio of high-quality, high-return investment opportunities that we’ve seen in two decades.”
Growth plans include steps to increase earnings to $31 billion by 2025 at 2017 prices from last year’s adjusted profit of $15 billion, which excluded the impact of U.S. tax reform and impairments, ExxonMobil’s statement reads.
Woods said this plan projects double-digit rates of return in all three segments of ExxonMobil’s business, upstream, downstream and chemicals.
In the upstream, the company expects to increase earnings through investments in U.S. tight oil, deepwater and liquefied natural gas (LNG). In LNG, the company expects to bring on new production to meet a projected increase in global demand.
ExxonMobil’s downstream business is projected to double earnings by 2025 by 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.
In its chemical business, ExxonMobil expects to grow manufacturing capacity in North America and Asia Pacific by about 40 percent.