Exxon Mobil Corp.'s investment plans will help boost oil and gas supply to meet the growing demand for energy and has the potential to increase earnings substantially by 2025, CEO Darren Woods said during the company's annual meeting of shareholders on May 30.
By 2040 oil and natural gas will likely meet about 55% of the world's energy needs, equivalent to 200 million barrels per day.
Meeting the growing energy needs will take trillions of dollars of investment, even under a 2 degree scenario, Woods said, referring to efforts to limit the global increase in temperatures to just 2 degrees Celsius.
Exxon plans to continue to invest in new fields to grow the supply.
The company has and will continue to make "advantaged investments," those that are robust to a wide range of price environments, leverage the company's competitive advantages in technology, integration and its people, Woods said.
Upstream investments include projects in the Permian, Papua New Guinea, Mozambique and Guyana, while in the downstream and chemicals businesses investments have been made in manufacturing operations in Texas and Singapore.
The current investment plan has the potential to boost earnings by 135% by 2025 assuming an oil price of $60/bbl, Woods said.
