Exxon Mobil Posts Record Second-Quarter Profits, Boosted by Production Growth
Strong Performance Driven by Record Output in Guyana and Permian
Exxon Mobil Corporation (XOM) reported 92 billion in net income for the second quarter of 2024, or 214 per share, driven by record production and strong pricing. The company's production grew by 15%, or 574,000 barrels per day, with record output in Guyana and the Permian Basin.
The higher profit was partially offset by lower natural gas and fuel prices. However, the company's strong production performance in Guyana and the Permian, where it has deployed new technology, helped to drive record second-quarter results.
In Guyana, Exxon Mobil's new Floating Production Storage and Offloading (FPSO) vessel, Liza Unity, began production in February 2022, adding 220,000 barrels per day of production capacity. The company also benefited from increased production at its existing Liza Destiny FPSO.
In the Permian Basin, Exxon Mobil continued to ramp up production from its Delaware Basin operations. The company is also investing in new technologies, such as enhanced oil recovery techniques, to increase its production efficiency.
Exxon Mobil's strong performance in the second quarter underscores the company's continued commitment to developing its low-cost, advantaged assets. The company's investments in Guyana and the Permian are expected to drive further growth and profitability in the coming years.
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