ExxonMobil Friday's second-quarter earnings decline was reportedly down significantly compared to last year, although Wall Street estimates that production growth in the Permian Basin and Guyana mitigated the impact of lower oil prices.
ExxonMobil's net income fell 23% to $7.1 billion, or $1.64 per share, compared with $9.2 billion, or $2.14 per share in the same period last year.
According to LSEG's survey of analysts, this is what ExxonMobil's second-quarter report compares to Wall Street's expectations.
- Earnings per share: $1.64 vs. $1.54 Expected
- income: US$81.5 billion versus US$80.77 billion
The oil professional pumped 4.6 million barrels a day, the highest output in the second quarter since ExxonMobil and Mobil merged 25 years ago. The Permian output reached a record 1.6 million BPD.
ExxonMobil's production business profit was $5.4 billion, down 23% from $7.1 billion a year ago, while oil prices were lower. Its refining business has booked $1.37 billion in revenue worldwide, which was $946 million in the same period last year due to higher optimized profit margins.
ExxonMobil paid shareholders $9.2 billion, including more than $4 billion in dividends and $5 billion in stock buybacks. The oil professional said buying $20 billion in stock this year is working hard.
Exxon has cut its costs by $1.4 billion, and it has cut costs by $13.5 billion since 2019. It aims to cut another $4.5 billion by the end of 2030.
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