ExxonMobil announced a $9.2 billion profit for the second quarter of 2024, up from $7.88 billion in the same period last year. This increase was driven by rising oil prices and gains from the acquisition of shale oil firm Pioneer Natural Resources.
“Vectors are all pointing up,” said CEO Darren Woods regarding the output gains. He noted that oil demand continues to hit record levels, with expectations for new records this year and next.
Following the Pioneer acquisition, ExxonMobil revised its 2024 output target upward by 13%, aiming for 4.3 million barrels of oil equivalent per day. Profits from oil and gas production surged by 25% to $7.1 billion. However, profits in the gasoline and diesel segment fell by 32% to $946 million, while the chemicals division held steady at $779 million.
Capital spending reached $7.03 billion, including $700 million for assets acquired from Pioneer, compared to $6.17 billion in the same quarter last year. ExxonMobil has also increased its annual capital expenditure guidance to $28 billion, up from the previous range of $23-$25 billion.
Cash flow from operations rose to $10.5 billion from $9.4 billion a year ago. The company plans to repurchase $19 billion in shares this year, the largest among its Western rivals, up from $17.4 billion last year.
