Exxon Mobil's Impressive Second Quarter: Key Insights and Future Targets
Friday, 2 August 2024, 10:37
Exxon Mobil's Record-Breaking Profit
Exxon Mobil has announced a *$9.2 billion* profit for the second quarter of this year. This remarkable figure comes from enhanced oil production following their *purchase of Pioneer Natural Resources* earlier this year.
Driving Factors Behind the Profit
- Record Production: Significant output from *Guyana* and the *Permian* basin.
- Offsetting Refining Weakness: Increased oil production balanced out lower natural gas and fuel prices.
- Surpassing Analysts' Estimates: Earnings reached *$2.14 per share* which was higher than expected.
Future Outlook
The CFO, *Kathryn Mikells*, indicated that the company intends to *increase output targets* in response to their strong performance. The focus on record production is aimed at sustaining profit margins in a fluctuating price environment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.