Exxon Mobil Plans 50% Upper Zakum Output Increase, Expands Refinery Upgrades Amid Profit Surge

Exxon Mobil is accelerating its strategy to upgrade and expand refinery operations and chemical plants globally to boost production of higher-margin products and improve resilience against market volatility. The company aims to increase production capacity at the Upper Zakum offshore oilfield by 50% before 2030 and is also considering re-entry into Iraq's Majnoon field while reassessing its position in Europe due to strict sustainability regulations. Recent upgrades in Singapore, Canada, and the UK have contributed to a 41% increase in third-quarter refining profits, even as chemical earnings declined due to global oversupply and competition. Exxon is focusing on converting low-value feedstocks into premium fuels, base oils, and plastics, with six new projects targeted for completion in 2024, including advanced plastics recycling and thermoset resin production. Despite short-term challenges in the chemical segment, Exxon remains optimistic about long-term demand growth driven by global GDP and is committed to leveraging technology and facility improvements to maintain steady earnings and competitive advantage. This comprehensive approach positions Exxon Mobil as a leading energy company poised for growth amid evolving industry dynamics.