Summary by Moomoo AI
Exxon Mobil reported first-quarter 2024 earnings of $8.2 billion, a decrease from $11.4 billion in the same period last year, with diluted earnings per share at $2.06. The decline was attributed to lower industry refining margins and natural gas prices. Capital and exploration expenditures were reduced by $0.5 billion to $5.8 billion compared to the first quarter of 2023. In business development, ExxonMobil completed a merger with Pioneer Natural Resources in October 2023, aiming to enhance capital efficiency, cost performance, and production. The company also plans to advance Pioneer's Net Zero ambition by 15 years, targeting 2035 instead of 2050. ExxonMobil's future plans include investing between $23 billion to $25 billion in 2024, focusing on high-return projects, maintaining a strong balance sheet, and increasing shareholder returns through consistent share repurchases and a growing dividend. The company's operational performance showed a slight decrease in oil-equivalent production, with a net production of 3.8 million oil-equivalent barrels per day, down from 3.831 million in the previous year. This was mainly due to divestments and government-mandated curtailments, partially offset by growth in Guyana.
