ExxonMobil Aims for $50B Boost by 2030, Kicks Off Major Guyana Project
ExxonMobil has announced ambitious plans for growth, expecting to boost its earnings capacity and cash flow significantly by the end of this decade. The company, along with its partners, has also approved a major offshore project in Guyana.
ExxonMobil aims to increase its earnings capacity by $20 billion and cash flow by $30 billion by 2030. This growth is supported by a planned investment of around $140 billion into major capital projects, including the Hammerhead project in Guyana. This project alone is expected to invest $6.8 billion and start producing in 2029.
The Hammerhead project, operated by ExxonMobil, is a significant development in Guyana's offshore sector. ExxonMobil holds a 45% interest in the project, with Chevron and CNOOC as partners. The project plans to build a floating production, storage, and offloading vessel with a capacity of 150,000 barrels per day.
ExxonMobil and Chevron, both top stocks in the oil patch, are expected to grow production and cash flows into the 2030s. Chevron, a new partner in Guyana, anticipates the Hammerhead project to enhance and extend its production and free-cash-flow growth outlook into the 2030s. Chevron also expects to add up to $12.5 billion to its annual free cash flow next year due to recent capital projects and the Hess acquisition.
ExxonMobil's plans for growth and investment, including the Hammerhead project in Guyana, are set to significantly boost the company's earnings and cash flow by the end of this decade. With Chevron also expecting robust returns, these oil stocks promise attractive total returns over the next five years.
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