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Darren Woods, chairman and chief executive officer of Exxon Mobil Corp.,

Brendan McDermid | Reuters

Exxon Mobil said Wednesday its expects earnings to more than double through 2027 relative to 2019 as the energy giant moves forward with a slew of cost-cutting measures.

Exxon said it’s on track to grow its earnings and cash flow by $14 billion over the next four years, as the company slashes costs, grows production, and increases sales of chemicals, lower emission fuels and performance lubricants.

The oil giant plans to cut structural costs by another $6 billion through the end of 2027, delivering $15 billion in total savings compared with 2019.

The announcement comes nearly two months after Exxon agreed to buy Pioneer Natural Resources for nearly $60 billion, or $235 a share. This is Exxon’s largest deal since it bought Mobil during the late 1990s. Pioneer is the largest producer in the Midland Basin, a section of the Permian.

After the merger closes — which is expected to do so in the first half of 2024 — the oil giant plans to increase its annual share repurchase program to $20 billion in 2024 through 2025, up from $17.5 billion in 2023.

Exxon anticipates capital expenditures in the range of $23 billion to $25 billion in 2024, and $22 billion to $27 billion annually from 2025 through 2027. Those expenditures should generate average returns of 30%, with more than 90% of the spending having payback periods of less than a decade, according to the company.

“We remain committed to providing the energy and products that raise living standards around the world while building a new business to reduce emissions in hard-to-decarbonize parts of the economy,” CEO Darren Woods said in a statement. “ExxonMobil is uniquely equipped to do both, and we’re confident that both present significant opportunities for profitable growth.” 

The oil giant expects oil and gas production to be about 3.8 million oil-equivalent barrels per day in 2024, and then rise to 4.2 million bpd by 2027 driven by growth in the Permian Basin and Guyana.

Exxon is also increasing its investments in lower carbon emissions projects to $20 billion through 2027, up from $17 billion previously. The company plans to slash its own upstream greenhouse gas emissions up to 50% by 2030. The oil giant said it has already achieved half of that planned reduction.

The company is focusing on carbon capture, lithium for electric vehicle batteries, hydrogen and biofuels. Its investments in these spaces are expected to generate returns of 15%, according to the company.

Exxon is standing up a lithium drilling operation in Arkansas and expects to produce battery-grade lithium for electric vehicles as soon as 2027. The goal is to supply enough of the mineral to support the manufacture of 1 million electric vehicles by 2030.

Shares of Exxon Mobil have struggled in 2023, dropping more than 9%. The bulk of those losses has come during the fourth quarter. The stock is down 14% during that time.

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What makes a Honda a Honda? Prologue engineers help us find out!

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What makes a Honda a Honda? Prologue engineers help us find out!

On today’s informative episode of Quick Charge, we’ve got Honda engineers Jason Hwang and Emilio Sanchez to talk us through some of the things that make the GM Ultium-based Honda Prologue EV feel like a real Honda, and why that matters.

Jason and Emilio talk about some of the choices they made to make the Honda Prologue and Acura ZDX feel different from its GM-branded cousins, and explain why this was much more than a case of badge-engineering. Give it a listen, then let us know what you think of the Prologue and ZDX in the comments.

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Learn more by clicking here.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.

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The Eastern US’s first CFI-funded EV charging hub comes online

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The Eastern US's first CFI-funded EV charging hub comes online

The first EV charging hub funded by the Charging and Fueling Infrastructure (CFI) Program in the Eastern US is now online in Deerfield, Massachusetts.

The town installed the region’s first DC fast chargers (four ports), along with four Level 2 chargers, at 59 North Main Street in South Deerfield.

These new charging stations, funded with $2.46 million from the CFI program, are conveniently located near Interstate 91 in Franklin County, the most rural county in Massachusetts, which serves drivers from Connecticut up to the Canadian border.

The hub also features local and regional bus stops and designated bike lanes with secure onsite bike racks. The chargers are meant to cater to everyone: from local residents and visitors to municipal EVs and commercial vehicles that service the region’s businesses, like those in food and beverage manufacturing.

Gabe Klein, executive director of the Joint Office of Energy and Transportation, sees this as a model for future projects:

Multi-modal charging hubs in communities are key to giving more people the choice to ride and drive electric. The Town of Deerfield is showing leadership in building out convenient charging infrastructure that brings new transportation choices to rural and disadvantaged communities while supporting local commerce.

In recent years, Deerfield has experienced increased climate change-driven flooding from nearby rivers, including the Deerfield River, the Connecticut River, and the Bloody Brook. The project incorporates environmental engineering designed to mitigate and adapt to the effects of flooding and climate, including the installation of permeable asphalt and rain gardens, planting of native trees, grasses, and shrubs, and the creation of new greenspace in the center of Deerfield.

The Biden-Harris administration’s CFI Grant Program is expanding EV infrastructure nationwide. It offers grants for projects that complement and expand upon the initiatives of the NEVI program in urban, rural, and disadvantaged and low-income communities. So far, the CFI Grant Program has allocated over $1 billion to nearly 100 projects across the US, encouraging private investments and expanding the EV charging network to make EV ownership more practical and convenient.

Read more: The US reaches milestone of 200,000+ public EV charging ports


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Kia’s new low-cost EV4 was just spotted in the US for the first time

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Kia's new low-cost EV4 was just spotted in the US for the first time

Kia’s upcoming EV4 electric sedan was just spotted testing in the US for the first time. The low-cost EV is expected to make its big debut by the end of the year. Here’s a look at the new model.

The EV4 will round out Kia’s new “EVs for all” master plan launched last year. Kia showcased three new models, the EV3, EV4, and EV5, during its first annual EV Day in October 2023.

During the event, Kia outlined its new global strategy to “lead and accelerate the EV revolution” with a wide range of models priced from $30,000 to $80,000.

Kia plans to rapidly expand its lineup with a series of smaller, lower-priced models. It launched the EV9, its first three-row electric SUV, which is already proving to be a hot seller in the US. Starting at under $55,000, the EV9 is still a great deal compared to others in its class, but Kia plans to go even lower.

The EV3 and EV4 are expected to be among the most affordable electric vehicles when they arrive in the US.

Kia's-EV4-US
Kia EV4 (back) showcased alongside (from left to right) the EV9, EV3, EV5, EV4, and EV6 (Source: Kia)

Kia’s new EV4 is now testing in the US

Ahead of its official debut, Kia’s new EV4 sedan was recently caught driving on US streets for the first time.

The latest image from KindelAuto doesn’t reveal much more than what’s been shown in the past, but the fact that it’s now testing in the US is significant.

Kia EV4 caught on US streets for the first time (Source: KindelAuto)

Kia’s EV3 is already on sale in Korea, starting at around $30,000 (42.08 million won). Earlier this week, the company said its new compact SUV is now available across Europe, starting at around $38,000 (36,000 euros) with a “segment-leading range” of up to 375 miles (WLTP).

Next up will be the EV4. Kia is expected to officially reveal the new EV by the end of the year, with deliveries starting in 2025. It could be as soon as next week at the 2024 LA Auto Show.

Kia's-EV4-US
Kia EV4 concept (Source: Kia)

The interior will feature Kia’s advanced new ccNC infotainment system with dual 12.3″ navigation and driver display screens. An otherwise minalimalistic design is expected inside.

Kia’s EV4 will also be available in a hatchback variant. Although the hatch is likely aimed at European buyers, it was also recently spotted testing in the US for the first time.

Kia's-EV4-US
Kia EV4 concept interior (Source: Kia)

We will learn official prices closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.

Kia is teasing five new vehicles for the US, at least one being a new EV, that will debut at the LA Auto Show next week. Will it be the EV3? EV4?

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