HOUSTON, TEXAS (Pietro D. Pitts, Energy Analytics Institute, 31.Jan.2025) — ExxonMobil Corporation has an eye on boosting upstream production to around 5.4 million barrels per day of oil equivalents (MMboe/d) in 2030 compared to 4.3 MMboe/d in 2024. This, as production was 4.6 MMboe/d in the fourth-quarter 2024 (4Q:24), up 20,000 boe/d driven by record production in Guyana and Permian compared to the 3Q:24.
“On upstream production, we delivered our best performance in over a decade at 4.3 million oil- equivalent barrels per day. And those aren’t just any barrels. In 2024, our advantaged assets – the Permian, Guyana, and LNG – represented more than 50% of production, a target that we achieved three years early,” Exxon SVP and CFO Kathy Mikells said 31 Jan. 2025 in prepared remarks.
“In the upstream, that means continuing to grow our advantaged production. We expect more than 60% of our volumes will be generated from our advantaged assets in the Permian, Guyana, and LNG by 2030. This results in a significant step up in profitability: at constant prices, another $3 per barrel by 2030,” Mikells said.
Mikells added that on emissions, Exxon further reduced its methane intensity, down over 60% company-wide compared to 2016 levels.
RELATED: Exxon Mobil Reports 4Q:24 Earnings of $7.6bn [PDF Download]

Exxon looks to start up 10 key projects in 2025. And, in 2026 – the first full year after start-up – the company expects the 10 projects alone, not including Permian growth, have potential to deliver over $3bn in earnings, on both a constant price and margin basis, as well as at today’s prices and margins, Mikells said.
Epecifically, Exxon looks to grow upstream production to 4.7 MMboe/d in 2025, with the Permian contributing 1.5 MMboe/d or around 32% of the total. Growth in production in 2025 will come despite the loss of around 70,000 boe/d from the Nigeria joint venture and divestments in Argentina, the company said in its 4Q:24 webcast presentation.
RELATED: Hess Reports Massive 52% Increase in Net Guyana Production
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By Pietro D. Pitts reporting from Houston. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.