Exxon Mobil Achieves Record Quarterly Production and Major Acquisitions

Exxon Mobil reported one of its largest second-quarter profits in a decade, driven by record oil and gas production from fields in Guyana and the U.S. Permian Basin. The company also completed the $60 billion acquisition of Pioneer Natural Resources.

The energy company earned $9.24 billion, or $2.14 per share, in the three months ended June 30, beating Wall Street expectations. Analysts had been expecting earnings of $2.04 per share. Exxon Mobil revenue came in at $93.06 billion, beating the $90.38 billion expected.

President and CEO Darren Woods commented, “We achieved record quarterly production from our low-cost Permian and Guyana assets, with the highest oil production since the Exxon/Mobil merger. We also achieved record sales of high-value products, up 10% compared to the first half of last year.”

Last year, as oil prices soared, Exxon pivoted to an acquisition strategy, announcing plans to buy Denbury Resources for $4.9 billion in July 2023. By October, it had topped that move with a $60 billion acquisition of shale operator Pioneer Natural Resources. That deal won FTC approval in May, although former Pioneer CEO Scott Sheffield was barred from joining the new board. The surge in cash among major producers has prompted significant consolidation in the energy sector; Chevron, for example, announced its $53 billion acquisition of Hess Corp. in October.

(Based on information from the agency.)