.August 2, 2024 12:46:00 PM

ExxonMobil (NYSE:XOM) exceeded analyst expectations with impressive second-quarter earnings and revenue. The company reported adjusted earnings of $2.14 per share, surpassing the Street estimate of $2.03. Revenue for the quarter was $93.06 billion, higher than the consensus forecast of $90.46 billion. This strong performance was driven by record production levels from its Permian Basin and Guyana assets, as well as contributions from its merger with Pioneer Natural Resources.

Chairman and CEO Darren Woods highlighted ExxonMobil’s improved earnings power, noting the achievement of the second-highest Q2 earnings in a decade. The company’s Upstream total net production increased by 15% from the first quarter, with the Pioneer merger adding $0.5 billion to earnings within the first two months post-closing.

In the first half of 2024, ExxonMobil generated $25.2 billion in cash flow from operations and $15.0 billion in free cash flow. The company plans to repurchase over $19 billion worth of shares in 2024, demonstrating its commitment to shareholder returns.