ExxonMobil reveals robust Q2 earnings, beating expectations
(MENAFN) Exxon Mobil's second-quarter earnings exceeded expectations, with the company reporting a substantial profit of USD9.2 billion. This impressive performance was fueled by higher oil prices and increased production volumes, particularly from its recent acquisition of shale oil company Pioneer Natural Resources. Earnings per share reached USD2.14, surpassing analysts' forecasts due to gains in oil production and prices that offset weaker refining margins.
The company's results outperformed those of major competitors such as BP, Shell, and ConocoPhillips. According to Catherine Mikels, Exxon Mobil's Chief Financial Officer, the earnings boost was primarily driven by record production levels in Guyana and the Permian Basin, which helped counteract the impact of lower natural gas and fuel prices. Net income rose to USD9.24 billion, up from USD7.88 billion a year earlier, largely due to increased oil prices and gains from asset sales, despite weaker refining results.
Following the announcement, Exxon Mobil's shares saw a 1.3 percent increase in premarket trading, climbing from USD116.95 the previous day. This rise reflects investor confidence in the company's strong financial performance and strategic gains in oil production.
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