Exxon earnings beat as production in Guyana and Permian sets a record

ExxonMobil on Friday posted its second highest results for the second quarter in the past decade, as the company achieved record production in Guyana and the Permian Basin.

Exxon shares rose more than 1% before the market opened.

Here is what Exxon reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $2.14 vs. $2.01 expected
• Revenue: $93.06 billion vs. $90.99 billion expected

Exxon posted net income of $9.2 billion, or $2.14 per share, a 17% increase over profits of $7.9 billion, or $1.94 per share, in the year-ago period.

Revenue rose to $93.06 billion from $82.91 billion a year ago, which was enough to top analysts estimates of $90.99 billion, according to LSEG.

Year to date, the oil major booked profits of $17.5 billion, or a 9% decline from $19.3 billion in the same period in 2023 due to lower refining margins and natural gas prices.

Production grew by 15%, or 574,000 barrels per day, to 4.4 million barrels per day from the first quarter, driven by records in Guyana and the Permian.

Capital and exploration expenditures totaled $7 billion in the quarter, including $700 million from its acquisition of Pioneer Natural Resources, which closed in May, bringing total spending this year to nearly $13 billion. Exxon expects $28 billion in capital spending for the year.

Exxon shares have rise nearly 17% since the start of 2024.

This is a developing story. Please check back for updates.