ExxonMobil CEO, Darren Woods, has told shareholders that he expects the company’s downstream earning’s potential to more than double between 2017 and 2025 based on 2017 adjusted returns.
While ExxonMobil is one of the world’s biggest oil-producing companies, it also appears to be looking at applying technology to get more revenue from its raw crude by transforming it into more valuable base stocks, such as those used in the lubricants it supplies to Mobil distributors. Speaking about this, Woods said:
“A great example is the new hydrocracker at our Rotterdam refinery, which started up late last year. Using technology we developed, we are now upgrading low-value product streams directly into higher-value base stocks and distillates – a first for our industry.”
Woods also emphasised the company’s commitment to addressing the twin challenge of reducing the environmental impact while still supplying the energy necessary for continued economic growth. He said the oil major will continue to pursue next-generation technologies, such as carbon capture and advanced biofuels, citing that he believes the company can make a significant contribution in this area.
For upstream operations, Woods stated that the company was on track to be producing approximately five million barrels of oil equivalent per day by 2025. Its operations in the Permian Basin are expected to reach one million barrels of oil equivalent per day by 2024, and oil production offshore of Guyana, where the Stabroek block has seen 13 discoveries so far, is expected to begin early next year. It also has production plans in other parts of the world.