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ExxonMobil to increase oil and gas output by 18% by 2030

ExxonMobil plans to significantly increase its oil and gas production over the next five years, targeting a 16% rise by 2027 compared to 2023 levels. This expansion strategy includes boosting output from key regions like the Permian Basin and Guyana, aiming for a production capacity of 2 million barrels of oil equivalent per day in the Permian by 2027, and over 1.2 million in Guyana by the same year. The company also anticipates a 10% compound annual growth rate in its chemicals business and expects to double its earnings and cash flow by 2027, driven by these production increases and investments in lower-emission technologies. This growth plan comes amidst a backdrop of fluctuating oil prices and a global push towards sustainable energy, with ExxonMobil also focusing on reducing its carbon footprint through initiatives like carbon capture and storage.

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