'Below $35, we're going to be profitable,' Exxon Mobile CEO Darren Woods discusses the company's most recent financial guidance and its Permian Basin investment.
Exxon Mobil issued new financial guidance on Wednesday, saying its profit potential and ability to generate cash look better than they did last year. But Exxon's stock price slumped as the company prepared investors for an increase in spending in the coming years.
The company says its oil and gas exploration over the next three years will focus on deepwater offshore drilling and projects that can feed its growing portfolio of liquefied natural gas developments. "Exxon is so big it has to replace a lot of barrels every year. They're probably thinking with a longer-term focus than most" exploration and production companies, he said
The Irving, Texas-based energy giant expects earnings to grow by $4 billion this year. That compares with profit growth of $1.1 billion last year, before accounting for the effects of U.S. tax reform. 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.
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