From NBC Universal: 2024-08-02 07:48:26

ExxonMobil reported its second highest results for the second quarter in the past decade, with net income of $9.2 billion or $2.14 per share, a 17% increase over the year-ago period. The acquisition of Pioneer Natural added $500 million to earnings, as revenue rose to $93.06 billion, exceeding analyst estimates.

Production grew by 15%, reaching 4.4 million barrels per day, driven by record levels in Guyana and the Permian Basin. Capital and exploration expenditures totaled $7 billion in the quarter, with a total spending forecast of nearly $13 billion for the year. Shareholder returns included $4.3 billion in dividends and $5.2 billion in share buybacks.

Exxon shares rose about 2% before the market opened following the earnings report, and have increased nearly 17% since the beginning of 2024. CEO Darren Woods highlighted that the oil produced in the second quarter was the highest since Exxon and Mobil merged in 1999. The company expects $28 billion in capital spending for the year.



Read more at NBC Universal:: ExxonMobil (XOM) earnings Q2 2024