The largest US oil and gas company Exxon Mobil increased its net profit in the second quarter of 2024 by 17%. Moreover, the adjusted figure and revenue exceeded market expectations. This was reported by the press service of Exxon Mobil.
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Net profit
Exxon Mobil's net income in April-June was $9.24 billion, or $2.14 per share, compared to $7.88 billion, or $1.94 per share, for the same period last year.
The contribution of the acquired Pioneer Natural Resources Co. to the profit for May-June (the first two months after the deal was closed) was about $500 million.
The adjusted figure also amounted to $2.14 per share. At the same time, the consensus forecast provided for a figure excluding one-time factors at the level of $2.02 per share.
Quarterly Revenue
Quarterly revenue increased 12% to $93.06 billion, beating the market forecast of $90.09 billion.
Exxon Mobil's hydrocarbon production in the second quarter increased to 4.358 million barrels of oil equivalent per day (boe/d), compared with 3.608 million boe/d a year earlier and 3.784 million boe/d in the first quarter.
Profit in the upstream segment (oil and gas exploration and production) increased to $7.07 billion in April-June from $4.58 billion in the same period last year. In the refining segment, profit fell to $946 million from $2.31 billion.
Capital expenditures
Exxon Mobil's capital expenditures in the second quarter amounted to $7 billion. For the entire current year, the company plans them at the level of $28 billion against $23-25 billion, which was previously expected; the new figure includes about $3 billion in the form of Pioneer investments.
Last quarter, Exxon Mobil returned $9.5 billion to shareholders, including through share repurchases worth $5.2 billion. The company will pay dividends of $0.95 per share based on the results of the previous quarter.
