Exxon Mobil on Friday reported its second-highest second-quarter earnings up to now decade as the corporate hit record production in Guyana and the Permian Basin.
Exxon shares were barely higher in morning trading.
“If you look at oil production in the second quarter, it’s the highest amount we’ve produced since the Exxon-Mobil merger,” CEO Darren Woods told CNBC’s “Squawk Box.” Exxon and Mobil merged in 1999.
Here is what Exxon reports for the second quarter in comparison with Wall Street expectations based on an analyst survey conducted by LSEG:
- Earnings per share: USD 2.14 vs. USD 2.01 expected
- Revenue: 93.06 billion US dollars in comparison with expected 90.99 billion US dollars
Exxon reported net income of $9.2 billion, or $2.14 per share, up 17 percent from earnings of $7.9 billion, or $1.94 per share, in the identical period last 12 months. The acquisition of Pioneer Natural, accomplished in May, added $500 million to Exxon’s earnings.
According to LSEG, sales rose from $82.91 billion a 12 months earlier to $93.06 billion, beating analyst estimates of $90.99 billion.
Year up to now, the oil company reported profits of $17.5 billion, down 9% from $19.3 billion in the identical period in 2023, as a result of lower refining margins and natural gas prices.
Production rose 15%, or 574,000 barrels per day, to 4.4 million barrels per day from the primary quarter, driven by records in Guyana and the Permian.
Capital expenditures and exploration totaled $7 billion within the quarter, including $700 million related to the Pioneer deal. This brings total spending this 12 months to almost $13 billion. Exxon expects capital expenditures of $28 billion for the 12 months.
Shareholder returns were $9.5 billion, including $4.3 billion in dividends and $5.2 billion in share buybacks.
Exxon shares have risen nearly 17% for the reason that starting of 2024.
