The company expects its total energy production, encompassing oil, gas, and electricity, to rise by roughly 4% per year as the decade closes. This expansion is projected to generate an additional $10 billion in free cash flow between 2025 and 2030. To sustain this momentum, the firm is leaning on organic assets across Namibia, Nigeria, Libya, Malaysia, Mozambique, and Papua New Guinea. With a proven reserves life index exceeding 12 years, management aims to maintain a production plateau of approximately 3 million barrels of oil equivalent per day through 2035.

Capitalizing on these gains, the board plans to increase dividends by more than 5% annually from 2026 through 2030, committing to a shareholder return of at least 40% of cash flow. Recent moves include investments in Nigeria’s Ima gas field and a rapid development cycle for the Acacia-5 discovery offshore Angola, which is expected to contribute 6,000 barrels per day. As the company diversifies, it forecasts that electricity will constitute 25% of its total energy mix by 2035, with the Integrated Power division poised to become free cash flow positive by 2027.