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Russian (RU) Sultan Khalid
Sun, May 18, 2025, 7:16 PM 2 min read
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It was recently revealed that the American oil and gas company, Exxon Mobil Corporation (NYSE:XOM) has partnered up with ADNOC to expand the UAE's oil production capacity. Let us shed some light on this development.
Exxon Mobil Corporation (NYSE:XOM) is one of the largest integrated fuels, lubricants, and chemical companies in the world. The company operates facilities and markets products around the globe and explores for oil and natural gas on six continents.
It was recently revealed that the oil supermajor will work with Abu Dhabi National Oil Company (ADNOC) to expand the capacity of the UAE's Upper Zakum field, as part of multiple strategic agreements that could potentially enable $60 billion of U.S. investments in UAE energy projects. Though ADNOC has not specified the new capacity target, the site (where Japan’s Inpex Corp. is also a partner) can currently produce more than 1 million barrels per day (bpd).
The strategic move comes as part of the multiple strategic agreements that could potentially enable $60 billion of U.S. investments in UAE energy projects, following President Trump's recent visit to his allies in the Middle East.
Sultan Al Jaber, Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, stated:
"The deep-rooted bilateral relationship between the UAE and the US is underpinned by our shared commitment to enabling energy abundance and we are reinforcing this commitment through these agreements with US energy majors. We see significant opportunities for further UAE-US partnerships across the energy-AI nexus and we look forward to working with our American partners to unlock long-term sustainable value and drive socioeconomic progress.”
Exxon Mobil Corporation (NYSE:XOM) is working tirelessly to expand its total global output, despite the current market volatility. The company's global production in the first quarter of 2025 came in at 4.55 million barrels per day, up 20% YoY, with a target to achieve close to 5.4 million boe/d in 2030. Exxon also topped profit estimates during the quarter, generated an industry-leading $13 billion in cash flow from operations, and distributed $9.1 billion to its shareholders. So it shouldn't come as a surprise that the stock was recently included in our list of the 13 Best Energy Stocks to Buy Right Now.
While we acknowledge the potential of XOM to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than XOM and that has 100x upside potential, check out our report about this cheapest AI stock.
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