Exxon Mobil has announced second-quarter 2024 earnings of $9.2 billion, or $2.14 per share assuming dilution. Cash flow from operating activities was $10.6 billion and cash flow from operations excluding working capital movements was $15.2 billion. Shareholder distributions of $9.5 billion included $4.3 billion of dividends and $5.2 billion of share repurchases, consistent with the company's announced plans.
- Delivered industry-leading second-quarter earnings of $9.2 billion(1), showcasing the differentiated strengths of ExxonMobil's portfolio and its improved earnings power
- The Pioneer merger, which closed five months faster than similar transactions and fundamentally transforms the Upstream portfolio, contributed $0.5 billion to earnings in the first two months post-closing(2) with record production, and integration and synergy benefits are exceeding expectations
- Also achieved record production in Guyana and heritage Permian; Upstream total net production grew 15%, or 574,000 oil-equivalent barrels per day, from the first quarter
- Expanded the company's value proposition by progressing new businesses including furthering carbon capture and storage (CCS) leadership with a new agreement that increased total contracted CO2 offtake with industrial customers to 5.5 million metric tons per year(3), more committed volume than any other company has announced
'We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company,' said Darren Woods, chairman and chief executive officer.
'We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger. We also achieved a record in high-value product sales, growing by 10% versus the first half of last year. We closed on our transformative merger with Pioneer in about half the time of similar deals. And we’re continuing to build businesses such as ProxximaTM, carbon materials and virtually carbon-free hydrogen, with approximately 98% of CO2 removed, that will create value long into the future.'
(1) Second-quarter earnings for the industry peer group are actuals for companies that reported results on or before August 1, 2024, or estimated using Bloomberg consensus as of August 1st. Industry peer group includes BP, Chevron, Shell and TotalEnergies.
(2) Pioneer operations contributed $0.5 billion to consolidated earnings post-close (May-June), which excludes $0.2 billion of one-time items related to the acquisition.
(3) Based on contracts to move up to 5.5 MTA starting in 2025 subject to additional investment by ExxonMobil and permitting for carbon capture and storage projects.
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Source: ExxonMobil
