ExxonMobil reported strong second-quarter earnings, exceeding analyst estimates and setting production records thanks in large part to the acquisition of Pioneer Natural Resources.
ExxonMobil NYSE XOM beat Wall Street estimates with the second-highest earnings for the second quarter in a decade as the acquisition of Pioneer Natural Resources fueled a record quarterly production and the highest oil production since the Exxon and Mobil merger. Exxon said on Friday that its second-quarter 2024 earnings came in at $9.2 billion, or $2.14 per share assuming dilution. That was higher than the analyst estimate of $2.02 compiled by The Wall Street Journal.
“We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger.” Year-to-date to June earnings rose by $1.5 billion due to advantaged assets volume growth from record Guyana, heritage Permian, and Pioneer production. YTD net production jumped by 9% to 4.1 million oil-equivalent barrels per day, or by 352,000 oil-equivalent barrels per day, Exxon said.
Earnings Pioneer Natural Resources Production Permian Basin Guyana Oil Merger Acquisition Energy
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