Exxon Mobil reported a robust second-quarter profit of $9.2 billion, surpassing analysts’ expectations, driven by rising oil prices and increased production from its acquisition of Pioneer Natural Resources. The company achieved a profit of $2.14 per share, benefitting from oil production and pricing gains that offset weaknesses in refining.
Net income rose to $9.24 billion from $7.88 billion a year ago, primarily due to higher oil prices and gains from asset sales, despite weaker refining earnings. CEO Darren Woods highlighted the exceptional performance of the Pioneer assets as a key contributor to the strong results, stating, “I’d say vectors are all pointing up.”
Although shares saw a slight decline to $116.17 in early trading amid a broader market downturn, Exxon’s outlook remained positive. However, the company warned that the Golden Pass liquefied natural gas (LNG) joint venture, in which it holds a 30% stake, would face delays until late 2025 due to the bankruptcy of the lead contractor.