Exxon sets plan to boost oil and gas output by 18%

Reuters - 11/12
Exxon Mobil on Wednesday said its annual project spending will rise to between $28 billion and $33 billion between 2026 and 2030 as it looks to boost its oil and gas output by 18%.
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HOUSTON, Dec 11 (Reuters) - Exxon Mobil (XOM.N), opens new tab on Wednesday said its annual project spending will rise to between $28 billion and $33 billion between 2026 and 2030 as it looks to boost its oil and gas output by 18%.
This follows its acquisition of U.S. shale producer Pioneer Natural Resources.
The top U.S. oil producer laid out a five-year plan to increase earnings by $20 billion and cash flow by $30 billion to fund its expansion plans for oil and liquefied natural gas (LNG) production and drive shareholder returns.
The new targets come as Exxon is riding high. Its Guyana operations are generating huge profits and U.S. shale business is on track to double oil production this year through its acquisition of Pioneer. In LNG, it is a mixed bag with setbacks in its U.S. and Mozambique projects.
CEO Darren Woods said the increased project spending is expected "to generate returns of more than 30% over the life of the investments."
Exxon aims...
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