ExxonMobil (XOM) Q2 2024 Earnings

Exxon Mobil Corp. on Friday reported its second-best second-quarter results in the past decade as the company achieved record production in Guyana and the Permian Basin.

Exxon shares were up about 1% before the opening bell.

“If you look at our oil production in the second quarter, it’s the highest we’ve ever produced since the Exxon and Mobil merger,” Chief Executive Officer Darren Woods told CNBC’s “Squawk Box.”

The following are Exxon Mobil The report said Second quarter Compared with Wall Street expectations, according to a London Stock Exchange survey of analysts:

• Earnings per share: $2.14, expected $2.01
• income: $93.06 billion, higher than the expected $90.99 billion

ExxonMobil’s net profit was $9.2 billion, or $2.14 per share, up 17% from $7.9 billion, or $1.94 per share, in the same period last year. The acquisition of Pioneer Natural Resources completed in May contributed $500 million to ExxonMobil’s earnings.

Revenue rose to $93.06 billion from $82.91 billion a year ago, the London Stock Exchange said, enough to beat analysts’ expectations of $90.99 billion.

The oil giant’s profit for the year to date is $17.5 billion, down 9% from $19.3 billion in the same period of 2023, due to lower refining margins and natural gas prices.

Oil production rose 15%, or 574,000 barrels per day, from the first quarter to 4.4 million barrels per day, driven by record production in Guyana and the Permian following the Pioneer acquisition.

Capital and exploration spending totaled $7 billion in the quarter, including $700 million related to the Pioneer deal closed in May, bringing total spending for the year to nearly $13 billion. Exxon expects capital spending of $28 billion this year.

Shareholder returns were $9.5 billion, including $4.3 billion in dividends and $5.2 billion in share repurchases.

Since the beginning of 2024, ExxonMobil’s stock price has risen nearly 17%.