ExxonMobil on Friday reported its second-best second-quarter results in the past decade, as the company set production records in Guyana and the Permian Basin.
ExxonMobil shares were slightly higher in early trading.
“If you look at the oil we produced in the second quarter, it’s the highest we’ve produced since the merger of ExxonMobil and Mobil,” Chief Executive Darren Woods told CNBC.scream box” ExxonMobil and Mobil merged in 1999.
What’s this Exxon Corporation reported as second season Compared with Wall Street expectations, according to a survey of analysts by London Stock Exchange Group (LSEG):
- Earnings per share: $2.14 vs expected $2.01
- income: US$93.06 billion, expected US$90.99 billion
Exxon Mobil reported net profit of $9.2 billion, or $2.14 a share, up 17% from a profit of $7.9 billion, or $1.94 a share, a year earlier. The acquisition of Pioneer Natural, completed in May, contributed $500 million in earnings to ExxonMobil.
Revenue rose to $93.06 billion from $82.91 billion a year ago, enough to beat analysts’ expectations of $90.99 billion, according to LSEG.
Year-to-date, the oil major’s paper profit was $17.5 billion, down 9% from $19.3 billion in the same period in 2023, as refining margins and natural gas prices fell.
Production rose 15% from the first quarter, or 574,000 barrels per day, to 4.4 million barrels, driven by records in Guyana and the Permian Basin.
Capital and exploration spending totaled $7 billion in the quarter, including $700 million related to the Pioneer deal, bringing total spending for the year to nearly $13 billion. ExxonMobil expects capital expenditures of $28 billion this year.
Return to shareholders was $9.5 billion, including $4.3 billion in dividends and $5.2 billion in share repurchases.
ExxonMobil shares have risen nearly 17% since the start of 2024.
