ExxonMobil Exceeds Q2 Expectations

Aug 2, 2024 4:46 PM - Davit Kirakosyan

Image credit: FMP

ExxonMobil (NYSE:XOM) reported impressive second-quarter earnings and revenue today, surpassing analyst expectations.

The oil and gas giant recorded adjusted earnings of $2.14 per share, beating the Street estimate of $2.03. Revenue for the quarter was $93.06 billion, exceeding the consensus forecast of $90.46 billion.

ExxonMobil's second-quarter earnings of $9.2 billion marked its second-highest Q2 earnings in the last decade. This strong performance was attributed to record production levels from its Permian Basin and Guyana assets, along with contributions from its recent merger with Pioneer Natural Resources.

Chairman and CEO Darren Woods highlighted the company'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%, or 574,000 oil-equivalent barrels per day, from the first quarter. The Pioneer merger, completed five months ahead of similar transactions, added $0.5 billion to earnings within the first two months post-closing.

For 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 ongoing commitment to shareholder returns.

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