The company also announced it is on track to meet its 2025 GHG emission-reduction plans by year-end 2021, four years ahead of schedule. In addition, ExxonMobil has developed more aggressive plans for further Scope 1 and Scope 2 reductions through 2030, consistent with Paris Agreement pathways.

Capital plans

ExxonMobil plans to maintain capital investments in the range of $20-$25 B per year through 2027 with flexibility to adjust to adverse market conditions or changes in policy and technology for low-emissions projects.

Projected growth of cash flow and earnings in the Upstream business results from aggressive cost reductions and progressing advantaged investments in low-cost-of-supply projects in Guyana, Brazil, and the Permian Basin in the United States. More than 90% of Upstream planned capital investments through 2027 are expected to generate returns of greater than 10% at prices less than or equal to $35 per bbl of oil equivalent, while reducing Upstream GHG emissions intensity by 40-50% through 2030, compared to 2016 levels.

Downstream and Chemical earnings and cash flow growth plans are focused on high-return projects, which are expected to double the volume of valuable performance chemicals and lower-emission fuels and lubricants. The company will leverage its industry-leading manufacturing scale, integration, and technology position to high-grade its portfolio and reduce costs, while optimizing operations and leveraging the capabilities of the Low Carbon Solutions business to reduce GHG emission intensity at operated facilities.

GHG emission reduction plans

As part of its plan, ExxonMobil has committed $15 B for lower-emission investments through 2027. These investments will include a balance between projects to reduce GHG emissions from existing operations and increased investments in the low carbon solutions business. The same capabilities, technical strengths and market experience that support base energy and chemical businesses will help drive commercial growth opportunities for CCS, biofuels and hydrogen where supportive policies currently exist and provide for strong returns.

ExxonMobil is on track to exceed its 2025 GHG emission-reduction plans announced in December 2020. The company anticipates year-end 2021 results to show a reduction of 15-20% in GHG intensity from Upstream operations compared to 2016 levels, four years ahead of schedule. This is supported by an anticipated reduction of 40-50% in methane intensity and 35-45% in flaring intensity compared to 2016.

The new medium-term GHG reduction plans for 2030 are consistent with Paris Agreement-aligned pathways and include the following:

• 2030 GHG emission-reduction plans

• 20-30% reduction in corporate-wide intensity

• 40-50% reduction in Upstream intensity

• 70-80% reduction in corporate-wide methane intensity

• 60-70% reduction in corporate-wide flaring intensity