Exxon Mobil Corporation today reported second-quarter 2024 earnings of $9.2 billion, or $2.14 per diluted share. The company generated $10.6 billion in cash flow from operating activities, with $15.2 billion in cash flow from operations excluding working capital changes. Shareholder distributions totaled $9.5 billion, comprising $4.3 billion in dividends and $5.2 billion in share repurchases, in line with the company’s planned distribution strategy.
ExxonMobil achieved industry-leading second-quarter earnings of $9.2 billion, highlighting the strength of its diverse portfolio and enhanced earnings capability. The recent Pioneer merger, completed five months ahead of similar deals, added $0.5 billion to earnings in the initial two months, with record production and integration benefits surpassing expectations.
Record production levels were also reached in Guyana and the Permian Basin, contributing to a 15% increase in Upstream total net production, or 574,000 oil-equivalent barrels per day, compared to the first quarter.
Additionally, ExxonMobil advanced its value proposition by expanding into new areas, including carbon capture and storage (CCS). A new agreement increased the company’s total contracted CO2 offtake with industrial customers to 5.5 million metric tons per year, the highest volume announced by any company.
Results Summary
Second Quarter 2024 vs. First Quarter 2024
- Earnings (U.S. GAAP): $9,240 million (up $1,020 million from $8,220 million)
- Earnings Excluding Identified Items (non-GAAP): $9,240 million (up $1,020 million from $8,220 million)
- Earnings Per Common Share: $2.14 (up $0.08 from $2.06)
- Earnings Excluding Identified Items Per Common Share (non-GAAP): $2.14 (up $0.08 from $2.06)
- Capital and Exploration Expenditures: $7,039 million (up $1,200 million from $5,839 million)
Year-to-Date 2024 vs. Year-to-Date 2023
- Earnings (U.S. GAAP): $17,460 million (down $1,850 million from $19,310 million)
- Earnings Excluding Identified Items (non-GAAP): $17,460 million (down $2,032 million from $19,492 million)
- Earnings Per Common Share: $4.20 (down $0.53 from $4.73)
- Earnings Excluding Identified Items Per Common Share (non-GAAP): $4.20 (down $0.57 from $4.77)
- Capital and Exploration Expenditures: $12,878 million (up $332 million from $12,546 million)
CEO Statement
“We delivered our second-highest second-quarter earnings in the past decade as we continue to enhance the fundamental earnings power of the company,” said Darren Woods, Chairman and CEO. “We achieved record quarterly production from our low-cost Permian and Guyana assets and the highest oil production since the Exxon and Mobil merger. Our high-value product sales also set a new record, growing 10% compared to the first half of last year. We completed our transformative merger with Pioneer in about half the time of similar deals. Additionally, we are advancing new businesses like Proxxima™, carbon materials, and virtually carbon-free hydrogen, which will drive long-term value.”
Additional Notes
- Pioneer Merger Contribution: $0.5 billion to consolidated earnings post-close (May-June), excluding $0.2 billion of one-time acquisition-related items.
- Carbon Capture and Storage: Contracts for up to 5.5 million metric tons per annum starting in 2025, pending additional investment and permitting by ExxonMobil.
- Peer Group Comparison: Results for the industry peer group are actuals or estimates from companies reporting on or before August 1, 2024, including BP, Chevron, Shell, and TotalEnergies.
