Exxon Mobil expects profit to grow by $4 billion this year and forecasts its earnings potential through 2025 is better than previously forecast.
Exxon Mobil issued new financial guidance on Wednesday, saying its profit potential and ability to generate cash look better than they did last year.
Exxon believes its annual earnings potential will increase by 140 percent between 2017 and 2025, compared with its outlook for 135 percent growth last year. Exxon now thinks its earnings potential between this year and 2025 is about $9 billion higher than previously forecast. The oil major expects its annual cash flow from operations — a key measure of financial health in the oil industry — to hit $60 billion by 2025.
On Tuesday, Exxon said it expects its oil and natural gas production from the Permian Basin, the top U.S. shale field, to grow to about 1 million barrels of oil equivalent per day, a nearly 80 percent increase from last year's investor day forecast.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chevron, Exxon Mobil Tighten Their Grip on FrackingChevron expects to more than double its production in the oil field at the heart of the American fracking boom, the latest sign that the next era of shale is likely to be led by the major oil companies.
Read more »
Exxon Mobil sees 2020 capex rising by up to 16 percentExxon Mobil Corp said on Wednesday it plans to open its wallet and increase capi...
Read more »
Exxon Mobil finds Cyprus's largest gas discovery to dateExxon Mobil Corp has discovered natural gas off the coast of Cyprus, a find auth...
Read more »
Exclusive: Exxon adds veteran traders to bulk up oil trading - sourcesExxon Mobil Corp has hired veteran crude traders Mitch Rubinstein and Michael Pa...
Read more »
Chevron, Exxon take turns wooing investors with shale boastsThe two biggest U.S. oil companies tried to outdo each other on Tuesday, boastin...
Read more »
Explainer: Securing the 5G future - what's the issue?The security of next-generation 5G networks has dominated this year's Mobil...
Read more »
Exxon and Chevron just announced big plans to surge oil and gas output from top US fieldExxon aims to produce 1 million barrels a day from the Permian Basin by 2024, while Chevron is targeting 900,000 bpd over the next five years.
Read more »
Big US chains called out for selling tobacco to kidsUS health authorities on Monday announced new steps to pressure 15 leading retail chains that regularly sell tobacco products to underage consumers. The US Food and Drug Administration released a list of problem actors among US retailers that includes major gasoline chains such as Exxon and BP, big
Read more »