Exxon Mobil reported a second quarter 2024 earnings of $9.2 billion, a significant increase from $7.9 billion in the same period last year. The improved performance was attributed to better realizations and increased volumes from strategic upstream investments, particularly in the Permian and Guyana, despite weaker industry refining margins and higher maintenance costs. Capital and exploration expenditures rose to $7.0 billion, up from $6.2 billion in the second quarter of 2023. The company's earnings for the first half of 2024 were $17.5 billion, down from $19.3 billion in the previous year, with capital and exploration expenditures totaling $12.9 billion. Exxon Mobil also completed the acquisition of Pioneer Natural Resources, enhancing its upstream portfolio. The company's operational results showed a significant increase in oil-equivalent production, driven by the...Show More

Exxon Mobil reported a second quarter 2024 earnings of $9.2 billion, a significant increase from $7.9 billion in the same period last year. The improved performance was attributed to better realizations and increased volumes from strategic upstream investments, particularly in the Permian and Guyana, despite weaker industry refining margins and higher maintenance costs. Capital and exploration expenditures rose to $7.0 billion, up from $6.2 billion in the second quarter of 2023. The company's earnings for the first half of 2024 were $17.5 billion, down from $19.3 billion in the previous year, with capital and exploration expenditures totaling $12.9 billion. Exxon Mobil also completed the acquisition of Pioneer Natural Resources, enhancing its upstream portfolio. The company's operational results showed a significant increase in oil-equivalent production, driven by the Pioneer acquisition and record production in Guyana and heritage Permian. Exxon Mobil continues to focus on high-return projects, maintaining a strong balance sheet, and returning value to shareholders, having distributed $8.1 billion in dividends and repurchased $8.3 billion of common stock in the first half of 2024. Looking ahead, Exxon Mobil plans to invest approximately $28 billion in 2024, with a focus on projects that offer competitive advantages and high returns.