08:03 AM EST, 12/11/2024 (MT Newswires) -- (Updates with additional details beginning with the third paragraph.)

Exxon Mobil ( XOM ) said Wednesday it is looking to raise capital spending next year with plans to invest $27 billion to $29 billion in 2025, followed by an increase to between $28 billion and $33 billion annually through 2030.

The energy giant is aiming to generate an additional $20 billion in earnings potential and $30 billion in cash flow over the next six years, it said.

The company said it plans to grow earnings at a compound annual growth rate of 10% and cash flow at 8% and has plans to achieve an additional $7 billion in cost savings by revamping business processes, supply chains, maintenance turnaround, and IT and data management systems.

Cash flow and earnings growth are expected to generate a further $165 billion in surplus cash, leading to increased shareholder distributions including $20 billion in share repurchases in 2025 and another $20 billion planned for 2026.

ExxonMobil ( XOM ) also said it expects to achieve more than $3 billion in annual synergies from its acquisition and integration of Pioneer, more than 50% higher than its previous guidance.

The company added that it is pursuing up to $30 billion of low-emission opportunities in carbon capture and storage, hydrogen, and lithium between 2025 and 2030. It expects its Low Carbon Solutions business to contribute $2 billion more to earnings in 2030 compared with 2024.