ExxonMobil is planning capital expenditures of between $30 billion to $35 billion annually through 2025, consistent with previous guidance. For 2020, the company anticipates an investment level of up to US$33 billion, depending on the progress of individual projects.
Woods also outlined progress on key projects that support ExxonMobil’s growth plans, including:
- In Guyana, the estimated gross recoverable resource from the Stabroek Block increased to more than 8 billion oil-equivalent bbl, in part as a result of six additional discoveries made in 2019 and 2020. ExxonMobil and its partners started production of oil at the Liza field in December 2019, less than five years after the first discovery of hydrocarbons and years ahead of industry average. Production in Guyana is expected to reach more than 750 000 gross bpd by 2025.
- In the Permian Basin, production volumes increased and remain on track to exceed 1 million oil equivalent bpd by 2024. A capital-efficient development approach is being applied at scale, differentiating ExxonMobil from its competition. The process, known as cube development, accesses multiple shale layers simultaneously, saving money, maximising value of resources and reducing surface footprint. The company emphasised it is evaluating the pace of near-term development activities in response to market conditions, and can do so while preserving value. Permian well cost and performance continues to improve and future growth will be supported by integrated infrastructure capacity expansions at the company’s Gulf Coast refineries and petrochemical operations.
- ExxonMobil holds the leading acreage position in Brazil among international oil companies and added more than 450,000 acres in 2019, for a total of 2.5 million net acres. The company has plans to increase exploration activity in 2020 and 2021, and Phase 1 of the Bacalhau field development is progressing on schedule.
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