ExxonMobil announced plans on Wednesday to raise its oil and natural gas production by 18% by 2030, investing between $28 billion - $33 billion annually.

Key Takeaways ExxonMobil plans to spend $27 billion to $29 billion in 2025 and another $28 billion to $33 billion every year from 2026 through 2030 to boost its oil and gas output.The company said it is taking advantage of the benefits from its nearly $60 billion acquisition of Pioneer Natural Resources this year.

ExxonMobil has announced plans to increase its oil and gas output by 18% by 2030, with a focus on expanding its operations in the US and Guyana. The plan includes raising annual project spending to between $28bn and $33bn from 2026 to 2030, according to a report by Reuters.

Exxon Mobil, a US multinational oil and gas corporation based in Texas, on Wednesday announced a plan to create an additional $20 billion in earnings potential and $30 billion in cash flow potential for shareholders by 2030.