Exxon Mobil on Friday posted its second-highest end results for the second quarter in the past decade, as the company achieved record production in Guyana and the Permian Basin.
Exxon quotas were marginally higher in morning trading.
“If you look at the oil that we produced in the second quarter, it is the highest level we bred since Exxon and Mobil merged,” CEO Darren Woods told CNBC’s “Squawk Box.” Exxon and Mobil merged in 1999.
Here is what Exxon record for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per dispensation: $2.14 vs. $2.01 expected
- Revenue: $93.06 billion vs. $90.99 billion expected
Exxon posted net income of $9.2 billion, or $2.14 per ration, a 17% increase over profits of $7.9 billion, or $1.94 per share, in the year-ago period. The acquisition of Pioneer Lifelike, which closed in May, contributed $500 million to Exxon’s earnings.
Revenue rose to $93.06 billion from $82.91 billion a year ago, which was adequacy to top analysts estimates of $90.99 billion, according to LSEG.
Year to date, the oil major booked profits of $17.5 billion, or a 9% taper off from $19.3 billion in the same period in 2023 due to lower refining margins and natural gas prices.
Production produced by 15%, or 574,000 barrels per day, to 4.4 million bpd from the first quarter, driven by records in Guyana and the Permian.
First-class and exploration expenditures totaled $7 billion in the quarter, including $700 million related to the Pioneer deal, restore b persuading total spending this year to nearly $13 billion. Exxon expects $28 billion in capital investing for the year.
Shareholder returns came in at $9.5 billion, including $4.3 billion in dividends and $5.2 billion in stake buybacks.
Exxon shares have risen nearly 17% since the start of 2024.