Summary by Moomoo AI
Exxon Mobil reported Q2 2024 earnings of $9.2 billion ($2.14 per share), up 17% from $7.9 billion in Q2 2023. The increase was primarily driven by improved realizations and higher volumes from the Pioneer acquisition and record production in Guyana. Total production rose to 4.4 million oil-equivalent barrels per day, up 750,000 barrels from Q2 2023.The company's operational performance was mixed across segments. While Upstream earnings surged 54% to $7.1 billion on higher volumes and prices, Energy Products earnings fell 59% to $946 million due to weaker refining margins and higher maintenance activity. Chemical Products and Specialty Products delivered steady results despite challenging market conditions.Capital expenditures increased 14% to $7.0 billion, reflecting ongoing investments in strategic growth projects. The company maintained strong shareholder returns, distributing $8.1 billion in dividends and repurchasing $8.3 billion of shares during the first half of 2024. The debt-to-capital ratio improved to 13.5% from 16.4% at year-end 2023, demonstrating continued financial discipline.
