Exxon's 2030 Targets Call for $35 Billion More in Cash Flow. Here's the Milestone That Tells You It's on Track By 2028.
Exxon is leaning into growth, but a significant portion of that growth will come from one place.
Overview
ExxonMobil (NYSE: XOM) has presented Wall Street with a plan to increase earnings by $25 billion and cash flow by $35 billion by 2030. That goal is still a few years away, however, so it is important to keep an eye on the company's progress. If you own or are watching Exxon, one of the most important pieces of the 2030 puzzle will be the company's Permian business. Here's why onshore U.S. drilling is so important for Exxon right now.
In late 2023, Exxon announced the $64.5 billion acquisition of Pioneer Natural Resources, a U.S. onshore driller with heavy exposure to the Permian Basin. At the time, the company stated that the deal "transforms ExxonMobil's upstream portfolio, more than doubling the company's Permian footprint." Management highlighted both the benefit of enhanced scale and the importance of technology. The deal closed in early 2024.
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Originally published at www.fool.com.