Exxon Mobil (XOM) Raises its 2030 Corporate Plan Outlook

Exxon Mobil Corporation (NYSE:XOM) is included among the 12 Best Crude Oil Stocks to Buy for Dividends.

Exxon Mobil Corporation (NYSE:XOM) is one of the largest integrated fuels, lubricants, and chemical companies in the world.

Exxon Mobil Corporation (NYSE:XOM) received a boost on December 9 when the company announced that it is raising its earnings growth forecast to $25 billion and cash flow growth to $35 billion during the 2024-30 period. The outlook represents a $5 billion increase from its previous plan, despite no growth in capital spending.

As part of its updated corporate plan, Exxon Mobil Corporation (NYSE:XOM) is targeting to increase its total upstream production to 5.5 million oil-equivalent barrels per day (boepd) by 2030, up from a previous forecast of 5.4 million boepd. As a result, the company expects its earnings from the upstream business to grow by more than $14 billion through the end of the decade from 2024.

Exxon Mobil Corporation (NYSE:XOM) also increased its cumulative structural cost savings plan by $2 billion, with an aim to achieve $20 billion in reductions by 2030, compared to 2019. The company expects to generate roughly $145 billion in cumulative surplus cash flow over the next five years (at $65 real Brent), allowing it to grow its shareholder returns and maintain its status as the second-largest dividend payer in the S&P 500. Moreover, Exxon remains on track to repurchase $20 billion of its shares this year, with plans to maintain that pace also through 2026.

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