Strategy Update: ExxonMobil's 2023 Corporate Plan Update Report

Insight 19 December 2023

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

ExxonMobil’s Corporate Plan Update was an opportunity to take stock. The main message was that the strategy is on track. Our analysis backs this up. Strategic projects are proceeding according to plan and impressive structural cost savings still have further to run. In many ways, the 2023 plan is very consistent with last year’s update. Rising momentum in low carbon is the main change. Upgraded buyback guidance also provided a vote of confidence in a strengthening financial framework.

Executive Summary
Taking stock
- ExxonMobil’s earnings and cash flow guidance is achievable based on our new Cash Flow model
- The financial frame provides the flexibility to grow dividends, buybacks and investment
Rising momentum in Low Carbon
- An improving value proposition supports the rising investment
On track in Upstream
Driving earnings growth in Product Solutions
Building strategic flexibility to respond to a range of scenarios

Tables and charts

This report includes the following images and tables:

ExxonMobil’s weighted average upstream carbon intensity vs operating cash margin* (2024-2033) by country*

Wood Mackenzie’s projection of the Majors’ Downstream net income
ExxonMobil’s earnings and operating cash flow guidance versus Wood Mackenzie’s projection