Exxon Mobil Corporation XOM is reinforcing its dominance in the Guyana offshore oil sector, with an objective to reach 2.3 million barrels per day (bpd) of production by 2030. The U.S. energy major continues to ramp up its operations in the Stabroek Block, one of the world’s most prolific oil discoveries in recent years.
ExxonMobil’s rapid production growth in Guyana is fueled by 40 reservoirs that have been identified across its offshore Stabroek Block. Current production has already reached a record 650,000 bpd, and with multiple development projects underway — including the Yellowtail project, Uaru, and Whiptail developments — ExxonMobil is well on its way to meeting its ambitious output target.
The Yellowtail project is set to begin production in 2025, adding approximately 250,000 bpd. The Uaru project, scheduled for startup in 2026, will contribute another 250,000 bpd. By 2027, the Whiptail project is expected to come online, further boosting production by an additional 250,000 bpd. Beyond these, future developments such as Hammerhead and Longtail are in the planning phases and could provide even greater production capacity beyond 2030.
The oil-rich Stabroek Block has become a key pillar of ExxonMobil’s growth strategy, with the company making significant investments to enhance its production capabilities. Guyana’s low-cost, high-quality crude makes it an attractive asset, particularly as XOM focuses on maximizing returns while maintaining capital discipline.
Beyond Guyana, ExxonMobil is also strengthening its position in the Permian Basin, where it aims to increase production to 2.3 million oil-equivalent barrels per day by 2030. The integration of Pioneer assets is expected to generate more than $3 billion in annual synergies. Additionally, the company is advancing projects in hydrogen, lithium, and carbon capture, reinforcing its long-term energy strategy.
ExxonMobil remains committed to delivering value to its shareholders, with management projecting $20 billion in additional earnings and $30 billion in extra cash flow by 2030. The company’s growing production, coupled with operational efficiencies and disciplined capital allocation, positions it to remain a dominant player in the global energy landscape.
XOM’s Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like SM Energy Company SM, Sunoco LP SUN and Range Resources Corporation RRC. While SM Energy and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, Range Resourcescarries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. Sunoco is poised to benefit from the strategic acquisitions aimed at diversifying its business portfolio.
Range Resources is among the top 10 natural gas producers in the United States. Its diversified portfolio is spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. With expanded LPG export capacity, RRC is well-positioned to meet rising global demand, capitalizing on natural gas’ role as a cleaner-burning fuel amid a low-carbon shift.
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