US-based ExxonMobil has reported its second-highest second-quarter earnings in the last 10 years together with record oil production thanks to its assets in Guyana and the US Permian Basin.
The company, which also makes the Mobil range of industrial lubricant and coolant products, reported earnings in the second quarter of this year of $9.2 billion, which after assuming share dilution, works out at $2.14 per share. The Wall Street Journal’s analysis had previously predicted earnings of $2.02 per share.
Darren Woods, the CEO and chairman of ExxonMobil, said:
“We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company. 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.”
ExxonMobil recently completed its acquisition of Pioneer for $60 billion, giving it access to a further 1.4 million net acres of assets in the Midland and Delaware areas of the Permian Basin. Exxon said the benefits from integrating these assets and synergising them with their existing assets were beating expectations, leading to record production. In the first two months after closing, the acquisition added an extra $500 million to the company’s earnings.
The company’s production in Guyana is also growing, as its string of planned developments come online. Exxon said its year-to-date production grew by 352,000 oil-equivalent barrels per day (oebd) to reach 4.1 million oebd – a rise of 9% on the same period a year ago.
