Exxon rises on higher earnings forecast to 2030 and oil production growth

Shares of energy major Exxon Mobil XOM.N up 3.4% at $120

XOM says it is targeting $25 billion in earnings growth and $35 billion increase in cash flow growth from 2024 to 2030, a $5 billion increase from its previous plan

Upstream production will reach 5.5 million barrels of oil equivalent per day (boepd) by 2030, up from previous forecast of 5.4 million boepd

Production growth at the Permian Basin expected to grow to 2.5 million boepd, up from the previous goal of 2.3 million boepd

Company increases cost savings plan by $2 billion to $20 billion in reductions by 2030

Maintains annual spending targets of $28 billion to $33 billion per year through 2030

Including session's move, stock up 11.5% YTD