September 19, 2025 [Business Report]- ExxonMobil is signaling no retreat from fossil fuels, projecting demand for oil and gas will remain steady through 2050 despite global climate goals, Bloomberg reports.
At BloombergNEF’s Houston summit, Exxon Upstream President Dan Ammann said the company is focused on long-term fundamentals rather than “chasing the narrative of the week.” Exxon plans to double liquefied natural gas sales by 2030 and is investing heavily in growth projects in Guyana and the Permian Basin.
Its Golden Pass LNG facility on the Texas Gulf Coast, a joint venture with QatarEnergy, is expected online soon, while final investment decisions are due next year on major projects in Mozambique and Papua New Guinea.
Exxon maintains that fossil fuels will continue to account for 55% of the global energy mix by midcentury, even as renewables grow, citing overall rising consumption. Ammann argues this strategy has served Exxon better than peers that pivoted prematurely to renewables, before returning to oil and gas.
