Exxon Reports Record Earnings Boosted by Guyana and Permian Production

Exxon Mobil announced its second-highest quarterly results in a decade on Friday, buoyed by record production levels in Guyana and the Permian Basin. CEO Darren Woods highlighted that the oil output in the second quarter was the highest since the merger of Exxon and Mobil in 1999. Following the announcement, Exxon shares saw a slight increase in morning trading. The company reported earnings per share of $2.14, surpassing Wall Street's expectations of $2.01, and net income of $9.2 billion, a 17% increase from $7.9 billion in the same quarter last year. Revenue also exceeded forecasts, reaching $93.06 billion compared to the anticipated $90.99 billion, up from $82.91 billion a year ago. The recent acquisition of Pioneer Natural, finalized in May, contributed an additional $500 million to Exxon's earnings. Despite the strong quarterly performance, Exxon's year-to-date profits of $17.5 billion reflect a 9% decline from $19.3 billion in the same period last year, attributed to lower refining margins and natural gas prices. Production increased by 15% to 4.4 million barrels per day, with capital and exploration expenditures totaling $7 billion for the quarter, including $700 million related to the Pioneer acquisition. Shareholder returns amounted to $9.5 billion, comprising $4.3 billion in dividends and $5.2 billion in share buybacks. Since the beginning of 2024, Exxon shares have appreciated nearly 17%, reflecting investor confidence in the company's robust performance.