The American oil giant Exxon Mobil (XOM.US) stated that annual project spending will rise to between 28 billion and 33 billion USD from 2026 to 2030, with a target of increasing Oil & Gas production by 18%.

The company proposed a five-year plan, aiming to increase profits from the forecasted 34.2 billion USD this year to 20 billion USD by 2030, and plans to boost production in the USA's Permian Basin to reach 2.3 million barrels per day by 2030, over three times the current amount. Operations in Guyana also reached a production of 1.3 million barrels per day. Overall Oil & Gas production is expected to reach 5.4 million barrels per day, about 18% higher than the current 4.58 million barrels per day.

Company CEO Darren Woods stated that the increased project spending is expected to yield returns of over 30% during the investment period, and mentioned a focus on extraction from low-cost oil fields, which provides the company with a unique competitive advantage. He also expressed an open attitude towards mergers and acquisitions as a way to accelerate Business growth.