ExxonMobil announced plans on Wednesday to raise its oil and natural gas production by 18% by 2030, investing between $28 billion - $33 billion annually.

Key Takeaways ExxonMobil plans to spend $27 billion to $29 billion in 2025 and another $28 billion to $33 billion every year from 2026 through 2030 to boost its oil and gas output.The company said it is taking advantage of the benefits from its nearly $60 billion acquisition of Pioneer Natural Resources this year.

ExxonMobil has announced plans to increase its oil and gas output by 18% by 2030, with a focus on expanding its operations in the US and Guyana. The plan includes raising annual project spending to between $28bn and $33bn from 2026 to 2030, according to a report by Reuters.

Exxon Mobil on Wednesday said its annual project spending will rise to between $28 billion and $33 billion between 2026 and 2030 as it looks to boost its oil and gas output by 18%.

Exxon Mobil plans to invest heavily into several big projects over the next six years, even as some other oil companies are growing more cautious, the company said at an investor day on Wednesday. All that investment comes at a time when most analysts expect oil prices to fall next year because of a glut—which may be why Exxon stock was down 0.