Spring, Texas-based ExxonMobil said Tuesday its plan for 2030 includes double production in Permian Basin compared to 2024. ExxonMobil officials said “due to its deep technology pipeline and efficiency gains,” production will grow to 2.5 million boed by 2030 – 200,000 boed more than a previous forecast and an increase of more than 45 percent over 2025.
Total upstream production is expected to grow to 5.5 million boed by 2030, including 65 percent from “advantaged assets” in Permian Basin, Guyana and LNG. Darren Woods, chairman and CEO, said, “We expect to do it with no increase in capital.” The company’s announcement said, “In the Permian Basin, ExxonMobil has the largest and highest-quality inventory position in the industry, providing a runway of growth well into the 2030s. Proprietary technologies, integration benefits from the Pioneer (Natural Resources) acquisition, and scale efficiencies are delivering industry-leading performance… Pioneer synergies are expected to be $4 billion annually, double initial estimates.”
ExxonMobil expects Permian to account for about 45 percent of its 2030 total production. Permian production in 2026 is forecast at 1.8 million boed – up from 1.7 million boed in 2025Q3. Total upstream production is forecast at 4.9 million boed compared to nearly 4.8 million boed in 2025Q3. Total capital spending in 2026 is expected to be $27 billion to $29 billion.