ExxonMobil (NYSE: ) reported second-quarter financial results on Friday that beat analysts’ expectations, leading to a 2.17% increase in its stock price in the first few hours of trading.
The oil and natural gas company reported adjusted earnings of $2.14 per share, beating financial analysts’ estimates of $2.03. The company’s revenue for the quarter was $93.06 billion, higher than the $90.46 billion expected.
ExxonMobil’s revenues for the second quarter were $9.2 billion, the second highest in a decade for this period. The impressive results were attributed to higher production from operations in the Permian Basin and Guyana, as well as benefits from the recent business combination with Pioneer Natural Resources.
“We delivered our second best second quarter results in a decade as we continue to improve the company’s ongoing profitability,” said Darren Woods, president and CEO of ExxonMobil.
Upstream total net production increased by 15%, or 574,000 barrels of oil equivalent per day more than in the first quarter. The merger with Pioneer, which was completed five months earlier than similar mergers in the industry, added $0.5 billion to the company’s revenues in the first two months after completion.
In the first six months of 2024, ExxonMobil generated $25.2 billion from its operating activities and $15.0 billion in free cash flow. The company has outlined plans to repurchase more than $19 billion of its own shares by 2024, reaffirming its commitment to deliver value to its shareholders.
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