Exxon Mobil posted one of its highest second-quarter profits in a decade, boosted by rising quarterly production from oil and gas fields in Guyana and the U.S. Permian Basin, and its $60 billion acquisition of Pioneer Natural Resources.
The Texas oil and gas giant earned $9.24 billion, or $2.14 per share, in the three months ended June 30, surpassing a year-ago profit of $7.88 billion, or $1.94 per share.
The results beat Wall Street expectations, although Exxon does not adjust its reported results for one-time events such as asset sales. Analysts surveyed by Zacks Investment Research expected earnings of $2.04 per share.
“We achieved record quarterly production from our low-cost-of-delivery Permian and Guyana assets, with the highest oil production since the Exxon-Mobil merger,” Chairman and CEO Darren Woods said Friday in a prepared statement.
According to Exxon, the Pioneer deal contributed $500 million to earnings in the first two months after closing.
The Spring, Texas-based company’s revenue totaled $93.06 billion, beating Wall Street expectations of $90.38 billion.
Exxon’s net production was 4.4 million barrels of oil equivalent per day in the second quarter, up 15% from the first three months of the year.
Oil prices are lower than they were this time last year, and those high prices have prompted Exxon and other energy giants to go on a buying spree.
Exxon announced in July 2023 that it would pay $4.9 billion for Denbury Resources, an oil and gas producer focused on carbon capture and storage that could benefit from changes in U.S. climate policy.
Three months later, it said it would spend $60 billion on shale explorer Pioneer Natural Resources, a deal approved by the Federal Trade Commission in May.
In October, Chevron announced it would buy Hess Corp. for $53 billion, entering the takeover race.
Chevron Corp. missed second-quarter earnings estimates Tuesday, with shares down less than 1% before the opening bell Friday. Shares of Exxon Mobil Corp. rose slightly.
