Exxon Mobil plans to achieve $20 billion in additional profits by 2030

The American oil and gas giant Exxon Mobil has revealed its plans to achieve an additional $20 billion in potential profits and $30 billion in free cash flows for shareholders by 2030.

The company said that its plans for profit growth target a compound annual growth rate of 10% and cash flows of 8% annually, according to Sky News.

Exxon Mobil expressed its hope, on Wednesday, to achieve a reduction in structural expenses by an additional $7 billion by simplifying the company’s operations and maximizing the use of supply chains, in addition to improving maintenance operations and updating information technology and data management systems.

After acquiring and merging the gas network operator Pioneer, Exxon Mobil expects to achieve a reduction in expenses of more than $3 billion annually, an increase of 50 percent over previous expectations.

The company expects its capital spending next year to be between $27 billion and $29 billion, adding that its core investment spending will remain flat from 2026 to 2030.

Exxon Mobil said it also plans to generate additional potential earnings of $9 billion, up 50 percent from this year.

The company expects its Product Solutions business to generate additional potential earnings of $8 billion by 2030.

It also expects its Low Carbon Solutions business to contribute $2 billion to earnings in 2030 compared to this year.