Projects to reduce carbon emissions got no respect from the oil and gas industry for years, but that’s in the past, as investments in biofuels and carbon capture are becoming a revenue stream, ExxonMobil CEO Darren Woods said Wednesday.

Woods and CFO Kathy Mikells spent an hour discussing the integrated major’s strategy in the near term, laying out forecasts for capital expenditures (capex), oil and gas production and profits.

Between 2024 and 2027, the goal is to achieve $14 billion in earnings and cash flow, bolstered by Permian Basin–led production growth of at least 11%. Capex are expected to average returns of 30%. ExxonMobil also plans to pursue more than $20 billion in low carbon business opportunities, up $3 billion from previous plans. 

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