The world’s largest natural gas processing company says its earnings from natural gas sales are on track to top $3.3 trillion by the end of 2021, as production in the U.S. continues to rise.
Exxon Mobil Corp. said Thursday it expects the company’s gas market share to grow in the United States from 7 percent to 20 percent by the year’s end.
The growth is driven by the production boom in shale gas and by growing use of electric power.
The company said its forecast includes an average increase of nearly 20 percent in natural gas production over 2021, based on its current estimates.
Existing gas markets in Canada, Mexico and the U.-S.
will see increases of 10 to 20 cents a million cubic feet a day, it said.
Exiting gas production growth is a key factor behind the continued boom in gas, Exxon Mobil said.
It added that it expects to be in production capacity for the next two years, as it expands capacity at its U.K. gas processing plant.
S.-based company said the U-S.
natural gas market is expected to reach $1.3 billion in 2020 and $2.7 billion in 2021.
Existing production is projected to increase from 1.2 million to 1.8 million cubic meters a day in 2021, and from 2.3 million to 3.2 billion cubic meters in 2021 and 2022, the company said.
That will be roughly the same as the total U. S. gas market, which is expected at 3.5 billion cubic feet per day in 2020, Existon said.
The forecast for the U