By Sheila Dang and Vallari Srivastava
HOUSTON, Dec 9 (Reuters) - Exxon Mobil on Tuesday said it will target $25 billion in earnings growth from 2024 to 2030 and increase oil and gas production, as the top U.S. oil producer leans on profitable assets in Guyana and the Permian Basin.
The earnings outlook represents a $5 billion increase from its previous plan, though Exxon will maintain its same annual spending targets of between $28 billion to $30 billion per year through 2030.
Exxon said its updated
corporate plan reflects its work to drive down costs and increase profits even through periods of oil price volatility. The oil producer's upstream focus also includes growing its liquefied natural gas business.
Upstream production will reach 5.5 million barrels of oil equivalent per day by 2030, up from its previous expectation of 5.4 million boepd.
That growth will be helped by the Permian Basin, the top U.S. oilfield. Exxon said it will grow production there to 2.5 million boepd, up from the previous goal of 2.3 million boepd.
Exxon said it also targets $35 billion in cash flow growth by 2030 versus 2024, representing a $5 billion increase from its earlier outlook.
The company increased its cost savings plan by $2 billion and now expects to reach $20 billion in reductions by 2030.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Sriraj Kalluvila and Chizu Nomiyama )
