Strategy Update: ExxonMobil's 2023 Corporate Plan Update

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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.

Table of contents

  • Executive Summary
    • 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
    • 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 7 images and tables including:

  • 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

What's included

This report contains:

  • Document

    Strategy Update: ExxonMobil's 2023 Corporate Plan Update

    PDF 1.36 MB