Exxon Increases 2030 Earnings Targets, Spurring Fair Value Estimate Increase

Exxon is departing from industry trends by increasing spending relative to years past to deliver $25 billion in earnings growth by 2030. Although higher spending may seem alarming given the industry’s history of pursuing growth at the expense of returns, Exxon’s differentiated portfolio should enable it to pursue growth while maintaining capital discipline and delivering returns. Its differentiated Guyana position and enlarged Permian position remain at the core of its portfolio, offering capital-efficient volume and earnings growth. Meanwhile, the breadth of its downstream businesses opens new low-carbon business opportunities.