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 Guyana and the Permian basin, alongside a $60 billion acquisition of Pioneer Natural Resources. The energy giant's earnings and revenue surpassed Wall Street expectations.

Exxon Mobil has posted one of its largest second-quarter profits in a decade, driven by record oil and gas production from its fields in Guyana and the Permian basin in the U.S. Additionally, the company made a $60 billion acquisition of Pioneer Natural Resources.

The energy company earned $9.24 billion, or $2.14 per share, for the three months ended June 30, surpassing Wall Street expectations. Analysts had predicted earnings of $2.04 per share. Revenue for Exxon Mobil was $93.06 billion, exceeding the anticipated $90.38 billion.

Chairman and CEO Darren Woods commented, "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."

Last year, when oil prices surged, Exxon strategized on acquisitions, announcing plans to buy Denbury Resources for $4.9 billion in July 2023. By October, it outdid that move with a $60 billion acquisition of shale operator Pioneer Natural Resources. This deal received FTC clearance in May, although Pioneer's former CEO Scott Sheffield was barred from joining the new board of directors. Elevated cash levels among major producers triggered significant consolidation in the energy sector; Chevron, for example, announced a $53 billion acquisition of Hess Corp. in October.

(With inputs from agencies.)