ExxonMobil Q2 Results Top Estimates

(RTTNews) - Oil major Exxon Mobil Corp. (XOM) reported Friday a net profit for the second quarter that increased from last year, reflecting record quarterly production from its low-cost-of-supply Permian and Guyana assets. Adjusted earnings per share and quarterly revenues topped analysts' expectations.

"We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company," said Darren Woods, chairman and chief executive officer.

For the second quarter, the company reported net income attributable to ExxonMobil of $9.24 billion or $2.14 per share, higher than $7.88 billion or $1.94 per share in the prior-year quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $2.01 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues and other income for the quarter grew to $93.06 billion from $82.91 billion in the same quarter last year. Wall Street expected revenues of $90.99 billion for the quarter.

The company's oil-equivalent production for the quarter was 4.36 million barrels per day or Boe, up from 3.61 million Boe last year.

ExxonMobil's upstream segment earnings surged to $7.07 billion from $4.58 billion last year.

Energy products segment earnings were $946 million, sharply lower than $2.31 billion last year on weaker industry refining margins.

Chemicals segment's earnings declined to $779 million from last year's $828 million, while speciality products segment's earnings were $751 million, up from $671 million last year.

Capital and exploration expenditures were $7.04 billion in the second quarter, compared to $6.17 billion last year. This brings year-to-date 2024 expenditures to $12.9 billion.

The Corporation also declared a third-quarter dividend of $0.95 per share, payable on September 10, 2024, to shareholders of record of Common Stock at the close of business on August 15, 2024.

The Corporation said it anticipates full-year capital and exploration expenditures to be approximately $28 billion, which includes the top end of the previously announced guidance for ExxonMobil of $25 billion, and about $3 billion for 8 months of Pioneer, consistent with their prior guidance.

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