Exxon Mobil partners with UAE to expand oil production, aiming for $60 billion in investments.

From Yahoo Finance: 2025-05-18 19:16:00

Exxon Mobil Corporation (XOM) has partnered with ADNOC to expand the UAE’s oil production capacity. The strategic move is part of agreements that could lead to $60 billion in U.S. investments in UAE energy projects. The Upper Zakum field, where the expansion will take place, currently produces over 1 million barrels per day.

Amidst market volatility, Exxon Mobil is focused on global output growth. In Q1 2025, production reached 4.55 million barrels per day, with a target of 5.4 million boe/d by 2030. The company exceeded profit estimates, generated $13 billion in cash flow, and distributed $9.1 billion to shareholders. XOM was recently highlighted as one of the 13 Best Energy Stocks to Buy Right Now.

ADNOC Managing Director emphasized the commitment to energy abundance through UAE-US partnerships. While XOM shows potential for growth, some AI stocks may offer higher returns with limited downside risk. For a promising AI stock with 100x upside potential, consider exploring the report on the cheapest AI stock poised for massive gains.



Read more at Yahoo Finance: Exxon Mobil Corporation (XOM) Partners with the UAE to Expand the Country’s Oil Production Capacity