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Exxon Mobil Plans 18% Production Increase, Low-Carbon Power for Data Centers Amid OPEC's Forecast Cuts

Dec 11, 2024, 04:55 PM

Exxon Mobil Corp. has announced plans to increase its oil and gas production by 18% over the next five years, while also exploring low-carbon power supplies for data centers. The company is designing a natural gas power plant equipped with carbon capture technology to provide emission-free electricity to meet the growing power demands of technology companies. This move comes as OPEC has cut its 2024 and 2025 oil demand growth forecasts for the fifth consecutive month, with a reduction of 210,000 barrels per day for 2024, bringing the total to 1.6 million barrels per day. Exxon's CEO, Darren Woods, emphasized that this project does not signify a shift away from fossil fuels but rather an expansion into new energy markets. Exxon's strategy also includes significant capital efficiency improvements, particularly in the Permian Basin, reducing capital expenditure by $2 billion per year. The company's approach contrasts with other oil industry players, highlighting Exxon's unique position in the market.