ExxonMobil has reported net income of $9.24bn for Q2 2024, a 17.2% increase from the $7.88bn reported in the corresponding period of 2023.
This growth reflects higher sales and operating revenue, which climbed to $89.98bn from $80.79bn year-over-year.
During Q2, ExxonMobil's total revenues and other income increased to $93.06bn from the $82.91bn achieved in the same quarter of the previous year.
For the first half of 2024, the company's total revenues and other income stood at $176.14bn, up from $169.47bn in the prior year.
However, net income for the six-month period fell to $17.46bn from $19.31bn a year earlier.
In Q2, the company’s net production rose to 4.4 million oil-equivalent barrels per day (bpd), a 15% increase from the previous quarter.
This rise was attributed to advantaged volume growth from assets in Pioneer, Guyana and the heritage Permian region.
During the quarter, ExxonMobil faced higher costs and deductions, which totalled $79.39bn, compared with $71.25bn a year earlier.
The company also experienced increased production and manufacturing expenses, as well as higher selling, general and administrative expenses.
The company declared a Q3 dividend of $0.95 per share, which will be payable on 10 September 2024, to shareholders of record as of 15 August 2024.
Among the strategic moves made in the quarter, ExxonMobil completed the acquisition of Pioneer Natural Resources in a deal valued at $63bn.
Additionally, the company has made progress in its Hammerhead project in Guyana, submitting an application to the Environmental Protection Agency.
With a production capacity projected between 120,000 and 180,000bpd, the project's start-up is anticipated in 2029, subject to approval from the Guyanese Government.
ExxonMobil chairman and CEO Darren Woods said: “We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company. 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.”
