ExxonMobil said it expects its annual earnings to increase by more than 140 percent by 2025, based on oil prices averaging $60 per barrel, according to a statement released on Wednesday.
The U.S.' largest oil producing firm said it has revised its earnings projections, which estimated last year that annual earnings would increase by 135 percent between 2017 and 2025.
The company said the estimated total earnings potential has now increased by around $9 billion from 2019 through 2025.
Total cash flow from operations and asset sales between 2019 and 2025 has also been revised up, and is now expected to be $24 billion higher than last year's projection.
Annual cash flow from operations are anticipated to reach $60 billion in 2025, if oil prices remain around $60 a barrel, the firm said.
The upward revision in the figures comes as a result of the company's exploration and development plans.
In 2018, ExxonMobil said it added 1.3 billion oil-equivalent barrels to its resources, which included additions mainly from Guyana and Brazil.
The expected recoverable resource from the Stabroek Block in Guyana increased to 5.5 billion oil-equivalent barrels recently, from last year's estimate of 5 billion oil-equivalent barrels, it added.
In Brazil, the company added 800,000 acres (3,237 square kilometers) in 2018, which brought the total amount to 2.3 million acres (9,308 square kilometers), it said.
With reference to its liquefied natural gas (LNG) plans, the company said it has a liquefied natural gas (LNG) project in Mozambique awaiting final investment decision this year, and another LNG project in progress in Papua New Guinea.
In February 2019, ExxonMobil also sanctioned the Golden Pass LNG project located in the state of Texas to benefit from low cost and abundant supply of natural gas in the U.S.
In the resource-rich Permian basin, the company said its production in the region is expected to exceed 1 million oil-equivalent barrels per day by 2024, which would be an increase of nearly 80 percent from last year’s projection.
ExxonMobil has 10 billion oil-equivalent barrels of resources in the Permian basin located in west Texas and southeast New Mexico.
In the chemical business, the firm has plans for 13 new facilities out of which seven started in 2018, while the remaining six are on schedule for startup. The company said these facilities are estimated to increase sales growth by 30 percent by 2025.
By Ovunc Kutlu