Exxon Mobil unveils Corporate Plan to 2030, sees $20B share repurchases in 2026

ExxonMobil announced its Corporate Plan to 2030. The company expects to deliver incremental growth potential of $20B in earnings and $30B in cash flow. On a constant price and margin basis, the company is generating more than $15B in earnings and more than $20B in cash flow vs. 2019, and has delivered structural cost savings of more than $11B year-to-date vs. 2019. Over the next six years, the company expects to generate an additional $20B in earnings potential and $30B in cash flow potential. It plans to grow earnings at a CAGR of 10% and cash flow at 8% and has plans to achieve an additional $7B in structural cost savings by simplifying business processes, optimizing supply chains, further enhancing maintenance turnaround processes, and modernizing information technology and data management systems. The company’s capital allocation approach prioritizes competitively advantaged, high-return, low-cost-of-supply investments. In 2025, the company expects cash capital expenditures to be in the range of $27B to $29B, reflecting the first full year of Pioneer in the portfolio and investment to build new businesses with base capex remaining flat. From 2026 to 2030, base capex is consistent, while capex growth is driven by progressing opportunities in new businesses, and a few early-stage large projects in the company’s traditional businesses. The reinvestment rate relative to expected cash flow declines 10 percentage points over the plan period. Cash flow and earnings growth generate a further $165B in surplus cash over the plan period driving increased shareholder distributions. ExxonMobil has increased its annual dividend per share for 42 consecutive years, and recently increased its quarterly dividend by 4c per share effective this quarter. The company continues to expect to repurchase shares at a $20B annual pace in 2025, and announced plans for a further $20B of share repurchases in 2026, assuming reasonable market conditions.