Spring, Texas, August 2 (FFN) – American oil giant Exxon Mobil has announced a surge in second-quarter earnings, driven by the acquisition of Pioneer and a sharp increase in production. Financeflashnews reports this based on AP and RTTNews.
Exxon Mobil recorded one of its largest quarterly profits in a decade for the three months ending June 2024, thanks to record quarterly production from oil and gas fields in Guyana and the Permian Basin in the US, as well as the $60 billion acquisition of Pioneer Natural Resources.
The company’s profit in the second quarter of 2024 climbed to $9.24 billion (or $2.14 per share) from $7.88 billion (or $1.94 per share) in the same period last year.
Analysts had on average expected the company to earn $2.01 per share.
Revenue for Spring, Texas-based Exxon Mobil rose 12.2% to $93.06 billion in the second quarter, up from $82.91 billion a year ago.
“We achieved record quarterly production from our low-cost assets in the Permian and Guyana, with the highest oil production since the merger of Exxon and Mobil,” Chairman and CEO Darren Woods said in a statement on Friday.
Exxon began its acquisition spree last year when oil prices surged. In July 2023, it announced it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the carbon capture and storage business and is benefiting from changes in US climate policy.
Last October, Exxon announced it would buy shale driller Pioneer Natural Resources. US antitrust regulators sought more information about the proposed deal. In May, they finally approved the deal, but former Pioneer CEO Scott Sheffield was unable to join the new company’s board. (1 EUR = 1.0789 USD)
