HOUSTON – Exxon Mobil is targeting $25 billion in earnings growth from 2024 to 2030 and will increase oil and gas production, the top U.S. ⁠oil producer said Tuesday ‌as the company leans on profitable assets in Guyana and the Permian Basin.

The outlook represents a $5 billion increase from its previous plan, although Exxon will not ‌increase its annual project spending from prior guidance.

Exxon said its updated corporate plan reflects its work to cut costs and increase profits even through periods of oil price volatility. Its upstream focus also includes growing its liquefied natural gas business.

“We are more profitable than we were ‌five years ago, and we expect that to continue as the advantages we’ve unlocked position us for even ‌greater opportunities in the years ahead,” Exxon CEO Darren Woods ⁠said in prepared remarks.

Upstream production will reach 5.5 million barrels of oil equivalent per day by ⁠2030, up from a previous forecast of 5.4 million boepd.

That will be helped by the Permian ⁠Basin, the top U.S. oilfield, where Exxon said it will grow production to 2.5 ‌million boepd, up from the previous goal of 2.3 million boepd. 

Earnings from the upstream business is expected to grow by more than $14 billion through the end ‍of the decade from 2024.

Artificial intelligence is being ‍used to direct drilling paths and Exxon said AI is allowing it to save money across operations. Cost of supply in the Permian is expected to be around $30 per barrel, Exxon said, down $5 from its previous expectation.  

Capital expenditure will be between $27 billion to $29 billion next year, and $28 billion to $32 billion from ⁠2027 through 2030 as LNG projects develop further. 

Exxon said it also targets $35 billion in cash flow growth by 2030 versus 2024, representing a $5 billion increase from its earlier outlook.

Exxon ⁠increased its cost savings plan by $2 billion and now expects to reach $20 billion in reductions by 2030.