ExxonMobil's Billion-Dollar Boost: Innovative Tech & Cost Cuts

ExxonMobils updated business plan projects a significant earnings boost, with a $14 billion increase in profits by 2030, driven by expanded production in the Permian Basin, Guyana, and natural gas. The company is also innovating extraction methods, using stackable technologies to double oil recovery in the Permian Basin. Key innovations include a petcoke proppant made from refinery waste, optimizing well spacing, and a manufacturing-style approach for drilling multiple wells. These efforts aim to reduce costs, with a target of a $30 per barrel global breakeven oil production cost by 2030.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.