2024

Billion

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<p class="has-drop-cap">Exxon Mobil Corporation (NYSE: XOM) has announced its <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1169/exxonmobil-announces-second-quarter-2024-results" target="_blank" aria-label="second-quarter 2024 results (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">second-quarter 2024 results</a>, reporting industry-leading earnings of $9.2 billion, or $2.14 per share. <br><br>Key contributors to these results include the Pioneer merger, which closed five months ahead of schedule, adding $0.5 billion to earnings and achieving record production. <br><br>Additionally, ExxonMobil saw record production in Guyana and the heritage Permian, with Upstream net production increasing by 15%, or 574,000 oil-equivalent barrels per day from the first quarter. The company also advanced its carbon capture and storage (CCS) initiatives, securing agreements that increased total contracted CO₂ offtake to 5.5 million metric tons per year.</p> 
<h3 id="exxon-mobil-reports-double-beat-in-q2">Exxon Mobil Reports Double Beat in Q2</h3> 
<p>The company’s second-quarter earnings of $9.2 billion, or $2.14 per share, exceeded expectations, which were set at an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">EPS</a> of $2.03. <br><br>This marks an improvement from the first quarter’s earnings of $8.2 billion, or $2.06 per share. ExxonMobil’s cash flow from operating activities was $10.6 billion, with cash flow from operations excluding working capital movements at $15.2 billion. Shareholder distributions totaled $9.5 billion, including <a href="https://tokenist.com/investing/what-is-dividend-investing/" class="deco-link">$4.3 billion in dividends</a> and <a href="https://tokenist.com/investing/what-is-a-stock-buyback/" class="deco-link">$5.2 billion in share repurchases</a>. <br><br>Darren Woods, chairman and CEO, highlighted the company’s record quarterly production and high-value product sales growth, attributing these achievements to the company’s strategic initiatives and operational efficiencies.<br><br>Comparing the current performance against expectations, ExxonMobil’s second-quarter earnings of $9.2 billion surpassed the anticipated $2.03 EPS, delivering $2.14 per share. Revenue for the quarter reached $93.06 billion, exceeding the expected $90.46 billion. <br><br>This performance was bolstered by the successful integration of Pioneer operations, which contributed $0.5 billion to earnings and exceeded synergy expectations. The company’s year-to-date earnings of $17.5 billion, however, were lower than the $19.3 billion reported in the first half of 2023, reflecting the impact of lower industry refining margins and natural gas prices compared to the previous year’s historically high levels.<br><br>Despite the decrease in year-to-date earnings, ExxonMobil’s strong volume growth from Guyana, Pioneer, and heritage Permian assets, along with high-value product sales and the Beaumont refinery expansion, helped offset lower base volumes from divestments and government-mandated curtailments. <br><br>The company’s structural cost savings initiatives also played a crucial role, achieving $10.7 billion in cumulative savings versus 2019 levels, with an additional $1.0 billion saved during the year. These efforts have positioned ExxonMobil to continue delivering strong financial results and shareholder value.</p> 
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<h3 id="exxon-plans-for-19-billion-share-repurchase-in-2024-20-billion-through-2025">Exxon Plans for $19 Billion Share Repurchase in 2024, $20 Billion through 2025</h3> 
<p>The company anticipates full-year capital and exploration expenditures to be approximately $28 billion, including the top end of the previously announced guidance for ExxonMobil of $25 billion and around $3 billion for eight months of Pioneer operations. <br><br>The company plans to repurchase over $19 billion of shares in 2024, with an increased annual pace of share repurchases to $20 billion through 2025, assuming reasonable market conditions. <br><br>Additionally, ExxonMobil declared a third-quarter dividend of $0.95 per share, payable on September 10, 2024.<br><br>ExxonMobil’s strategic focus includes advancing new businesses such as Proxxima, carbon materials, and virtually carbon-free hydrogen, which are expected to create long-term value. <br><br>The company has also made significant progress in its CCS initiatives, signing agreements that increase its total contracted CO₂ offtake to 5.5 million metric tons per year. These efforts align with ExxonMobil’s commitment to supporting the growth of a low-carbon hydrogen market along the U.S. Gulf Coast and helping industrial customers achieve their decarbonization goals.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/exxon-mobil-xom-reports-q2-beats-forecast-with-2-14-eps-9-2-b-revenue/">Exxon Mobil (XOM) Reports Q2: Beats Forecast with $2.14 EPS, $93.06 B in Revenue</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Exxon Mobil (XOM) Reports Q2: Beats Forecast with $2.14 EPS, $93.06 B in Revenue

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