ExxonMobil Is Becoming a Moneymaking Machine
ExxonMobil (NYSE: XOM) launched an ambitious strategy in 2018 to more than double its earnings and cash flow by 2025, assuming similar commodity prices. The multipronged plan would see the oil company invest in its highest-return projects, enhance its portfolio, and reduce costs. That plan is turning it into a moneymaking machine.
The oil company's successful execution of its long-term strategic plan was evident last year. ExxonMobil has already more than doubled its earnings from 2019's baseline. And as CEO Darren Woods made clear on the company's fourth-quarter earnings conference call, it expects its profits to continue rising.
Last year was a more challenging period for the oil market. Oil and gas prices came down from their war-fueled highs of 2022. Because of that, energy companies like ExxonMobil didn't make as much money in 2023.
Source Fool.com
