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ExxonMobil earns US$7.1B in second quarter
Kaieteur News – American oil giant ExxonMobil Corporation, on Friday reported second-quarter earnings of US$7.1 billion, surpassing market expectations. The company said the performance was partially driven by production growth in Guyana and the Permian Basin, which helped offset lower earnings caused by weaker crude prices.
The company held its second-quarter earnings call on Friday. Chairman and Chief Executive Officer (CEO) Darren Woods said, “The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments.”
Woods highlighted that Exxon achieved its highest second-quarter upstream production since the merger of Exxon and Mobil more than 25 years ago. He added, “It was also our best quarter yet for high-value product sales volumes in product solutions…these results demonstrate how our competitive advantages are delivering industry-leading value today and providing a long runway of profitable growth far into the future.”
Woods noted that since 2019, Exxon has delivered US$13.5 billion in structural cost saving more than all other International Oil Companies (IOCs) combined. He added that the company’s 2030 structural cost savings plan surpasses the cumulative cost-saving targets of its IOC peers.
He also revealed that Exxon has initiated start-up operations for six of its ten key projects targeted for 2025, which includes the Yellowtail project in the Stabroek Block offshore Guyana. He said too that the remaining four projects are on track for startup this year. “Collectively, these projects are expected to improve our earnings power by more than US$3 billion in 2026 at constant prices and margins,” he added.
According to the company’s financial highlights, year-to-date earnings totaled US$14.8 billion, compared to US$17.5 billion in the first half of 2024.
Exxon disclosed that growth in advantaged volumes from Guyana and the Permian Basin, structural cost savings, and favorable timing effects all helped to offset the impact of weaker crude prices, a decline in industry refining margins, higher depreciation costs, and lower base volumes resulting from strategic divestments.
Exxon’s upstream business earned US$5.4 billion in the second quarter, a decrease of US$1.4 billion from the first quarter. The company noted that lower crude and natural gas realisations were partially balanced by volume growth from advantaged assets. This included record Permian production of 1.6 million oil-equivalent barrels per day, alongside ongoing cost savings.
Second-quarter net production averaged 4.6 million oil-equivalent barrels per day, the highest for a second quarter, reflecting an increase of 79,000 oil-equivalent barrels per day over the previous quarter.
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