Exxon Mobil boasts of oil production as Q2 results beat analyst estimates

By Steve Gelsi

Upstream production rises 15% with boost from Permian Basin and Guyana sites

Exxon Mobil Corp. said its second-quarter profit rose 17% and topped analyst estimates, but its stock fell along with a broad sell-off in the market.

Upstream total net production grew 15%, or 574,000 oil-equivalent barrels per day, from the first quarter, including gains in Guyana and the U.S.'s Permian Basin.

Exxon (XOM) reported second-quarter net income of $9.24 billion, or $2.14 a share, up from $7.88 billion, or $1.94 a share, in the year-ago quarter.

The oil and gas giant's adjusted second-quarter profit of $2.14 a share beat the FactSet consensus estimate of $2.02 a share.

Revenue jumped to $93.06 billion from $82.91 billion, above the analyst estimate of $90.09 billion.

Exxon stock fell 0.6% as the S&P 500 SPX dropped by 2.3% and the Dow Jones Industrial Average DJIA gave up 780 points, or 2% of its value on the heels of the July monthly jobs report.

Also read: July jobs report: U.S. adds weak 114,000 new jobs and unemployment hits nearly 3-year high

Exxon said the quarter marked the second-highest earnings in the past decade for the three months ended June 30.

"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," the company said.

During the quarter, Exxon closed its $60 billion all-stock acquisition of Pioneer Natural Resources and built up new businesses including carbon-free hydrogen, its Proxxima materials unit.

Exxon Mobil's stock price has gained 17% so far in 2024, ahead of the 7.1% rise by the Dow Jones Industrial Average DJIA.

-Steve Gelsi

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08-02-24 1103ET

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