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If it is 42,000 employees by 2030, that works out to be a 50% headcount reduction in ten years from 2020 to 2030.
Key elements of ExxonMobil’s 2030 plan:
Increasing Pioneer acquisition average annual synergies by over 50% to more than $3 billion
Growing new business earnings potential to $3 billion
Adding $7 billion more in structural cost savings vs. 3Q2024
Increasing Upstream production to 5.4 million oil-equivalent barrels per day with >60% from advantaged assets
Growing high-value product sales 80% vs. 2024 that contribute over 40% of 2030 earnings potential for Product Solutions
Pursuing up to $30 billion in lower emissions investment opportunities
Investing $27-$29 billion of cash capex in 2025 and $28-$33 billion annually in 2026-2030 to progress attractive long-term opportunities, with base planned capex roughly flat and reinvestment rate declining to 40% from 50% over the plan period
SPRING, Texas – ExxonMobil today announced its Corporate Plan to 2030, creating a platform to further extend the company’s track record of delivering leading shareholder value. The plan reflects the company’s strategy to leverage its unique set of competitive advantages and unrivaled opportunities to create significant upside potential for shareholders. The company expects to deliver incremental growth potential of $20 billion in earnings and $30 billion in cash flow driven by investing in competitively advantaged opportunities, continued excellence in execution, and disciplined cost and capital management.
“ExxonMobil has a unique set of highly valuable competitive advantages that equip us to do what few companies have ever done – create world-scale solutions to society’s biggest challenges, decade after decade,” said Darren Woods, ExxonMobil Chairman and CEO. “Our steadfast commitment to strengthening these advantages, including an unwavering investment in technology, has led to a history of innovative solutions that meet society’s critical needs, reduce costs, and grow high-value products. That’s a formula for profitable growth and shareholder value through and beyond 2030 – no matter the pace and scale of the energy transition – that truly puts us in a league of our own.”
Consistent execution of ExxonMobil’s strategy and business transformation over the past five years has substantially strengthened its earnings power. On a constant price and margin basis, the company is generating more than $15 billion in earnings and more than $20 billion in cash flow vs. 2019, and has delivered structural cost savings of more than $11 billion year-to-date vs. 2019 Cash flow has grown faster than that of any other integrated oil company (IOC) over the past three- and five-year periods.7 That outperformance has translated to shareholder value – ExxonMobil’s total shareholder return leads IOCs year-to-date and over the last three- and five-year periods.
Financial strength
Over the next six years, the company expects to generate an additional $20 billion in earnings potential and $30 billion in cash flow potential. It plans to grow earnings at a CAGR of 10% and cash flow at 8% and has plans to achieve an additional $7 billion in structural cost savings by simplifying business processes, optimizing supply chains, further enhancing maintenance turnaround processes, and modernizing information technology and data management systems.
The Company’s capital allocation approach prioritizes competitively advantaged, high-return, low-cost-of-supply investments. In 2025, the company expects cash capital expenditures to be in the range of $27 to $29 billion, reflecting the first full year of Pioneer in the portfolio and investment to build new businesses with base capex remaining flat. From 2026 to 2030, base capex is consistent, while capex growth is driven by progressing advantaged, long-term opportunities in new businesses, and a few early-stage large projects in the company’s traditional businesses. The reinvestment rate relative to expected cash flow declines 10 percentage points over the plan period.5
“Through 2030, we plan to deploy about $140 billion to major projects and the Permian Basin development program,” added Woods. “We expect this capital to generate returns of more than 30% over the life of the investments.9 Strong investment returns have driven 42 consecutive years of annual dividend growth, a claim only 4% of the S&P 500 can make. This is why, when we list our capital allocation priorities, investing in accretive growth always comes first.”
Cash flow and earnings growth generate a further $165 billion in surplus cash over the plan period driving increased shareholder distributions.10 ExxonMobil has increased its annual dividend per share for 42 consecutive years, and recently increased its quarterly dividend by 4 cents per share effective this quarter. The company continues to expect to repurchase shares at a $20 billion annual pace in 2025, and today announced plans for a further $20 billion of share repurchases in 2026, assuming reasonable market conditions.