ExxonMobil (XOM) tops Q2 earnings, revenue expectations

ExxonMobil (NYSE: XOM) reported better-than-expected second-quarter earnings and revenue on Friday, sending its shares up 2.17% in early trading.

The oil and gas giant posted adjusted earnings of $2.14 per share, surpassing analyst estimates of $2.03. Revenue for the quarter came in at $93.06 billion, beating the consensus forecast of $90.46 billion.

Exxon Mobil's second-quarter earnings of $9.2 billion marked the company's second-highest Q2 earnings in the past decade. The strong performance was driven by record production from its Permian Basin and Guyana assets, as well as contributions from its recently completed merger with Pioneer Natural Resources.

"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 CEO of Exxon Mobil.

The company's Upstream total net production grew 15%, or 574,000 oil-equivalent barrels per day, from the first quarter. The Pioneer merger, which closed five months faster than similar transactions, contributed $0.5 billion to earnings in the first two months post-closing.

For the first half of 2024, Exxon Mobil 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 of shares in 2024, maintaining its commitment to shareholder returns.

By Sam Boughedda

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