Exxon Mobil expects profit to grow by $4 billion this year and forecasts its earnings potential through 2025 is better than previously forecast.
Exxon Mobil issued new financial guidance on Wednesday, saying its profit potential and ability to generate cash look better than they did last year.
Exxon believes its annual earnings potential will increase by 140 percent between 2017 and 2025, compared with its outlook for 135 percent growth last year. Exxon now thinks its earnings potential between this year and 2025 is about $9 billion higher than previously forecast. The oil major expects its annual cash flow from operations — a key measure of financial health in the oil industry — to hit $60 billion by 2025.
On Tuesday, Exxon said it expects its oil and natural gas production from the Permian Basin, the top U.S. shale field, to grow to about 1 million barrels of oil equivalent per day, a nearly 80 percent increase from last year's investor day forecast.
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