ExxonMobil on Friday posted its second highest results for the second quarter in the past decade, as the company achieved record production in Guyana and the Permian Basin.
Exxon shares rose about 2% before the market opened.
“If you look at the oil that we produced in the second quarter, it is the highest level we produced since Exxon and Mobil merged,” CEO Darren Woods told CNBC’s “Squawk Box.” Exxon and Mobil merged in 1999.
Here is what Exxon reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $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 share, a 17% increase over profits of $7.9 billion, or $1.94 per share, in the year-ago period. The acquisition of Pioneer Natural, 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 enough 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% decline from $19.3 billion in the same period in 2023 due to lower refining margins and natural gas prices.
Production grew 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.
Capital and exploration expenditures totaled $7 billion in the quarter, including $700 million related to the Pioneer deal, which closed in May, bringing total spending this year to nearly $13 billion. Exxon expects $28 billion in capital spending for the year.
Shareholder returns came in at $9.5 billion, including $4.3 billion in dividends and $5.2 billion in share buybacks.
Exxon shares have rise nearly 17% since the start of 2024.