Exxon Mobil has reported an impressive second-quarter profit of $9.2 billion, significantly exceeding analysts’ expectations. This surge in earnings is attributed to rising oil prices and increased production volumes, particularly from its recent acquisition of shale oil firm Pioneer Natural Resources.
Higher oil prices and increased production volumes primarily drove Exxon’s robust earnings. The acquisition of Pioneer Natural Resources played a crucial role in enhancing Exxon’s output capabilities.
CEO Darren Woods emphasized that Exxon’s focus on oil reflects its confidence in sustained high demand. “Oil demand continues to be at record levels. Last year was a record. We anticipate this year will be a record, and then next year will be a record,” Woods stated.
Higher gains from asset sales also contributed to the profit increase, offsetting weaker refining earnings.
The Golden Pass liquefied natural gas (LNG) joint venture, in which Exxon holds a 30% stake, has been delayed until late 2025 due to the bankruptcy of the lead contractor.
Exxon’s acquisition of Pioneer highlighted its agility in completing deals swiftly. In contrast, rivals like Chevron and ConocoPhillips face ongoing regulatory reviews for their acquisitions. Exxon’s challenge to Chevron’s deal with Hess will be resolved by September 2025, later than Chevron anticipated.
Exxon’s operations in Guyana, a joint venture with Hess, peaked at 663,000 boepd in May, surpassing the expected 600,000 boepd for the year.
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