ExxonMobil has announced plans to increase its oil and gas output by 18% by 2030, with a focus on expanding its operations in the US and Guyana.

The plan includes raising annual project spending to between $28bn and $33bn from 2026 to 2030, according to a report by Reuters.

This development comes after the company's acquisition of US shale producer Pioneer Natural Resources.

The company plans to boost earnings by $20bn and increase cash flow by $30bn over the next five years.

This financial boost will support Exxon’s expansion plans in oil and liquefied natural gas (LNG) production, while also driving shareholder returns.

The new targets are set as Exxon benefits from its profitable Guyana operations and its growing US shale business.

According to the report, ExxonMobil CEO Darren Woods stated that the increased project spending is expected "to generate returns of more than 30% over the life of the investments".

The company plans to more than triple its production in the Permian Basin, the leading US shale field, to 2.3 million barrels per day (mbbl/d) by 2030. Additionally, Exxon aims to produce 1.3mbbl/d from its Guyana operations.

Overall, ExxonMobil's oil and gas output is projected to reach 5.4mbbl/d, marking an 18% increase from the current 4.58mbbl/d.

Despite the ambitious targets, Exxon's shares saw a slight decline in pre-market trading to $112.30, as many of the projects and targets had already been disclosed, said the report.

The company plans to add two projects in Guyana by 2030, aligning with its previous statement of seven to ten projects in total. Its LNG target remains at 40 million tonnes per annum.

These targets aim to reassure shareholders that returns can be maintained despite fluctuations in oil market prices.

Last month, ExxonMobil Exploration & Production Suriname, an affiliate of ExxonMobil, announced its withdrawal from Block 52 offshore Suriname.

This move is part of ExxonMobil's ongoing assessment of its global portfolio.