Summary
ExxonMobil Corp. (XOM) reported strong financial results for the second quarter and first six months of 2024, bolstered significantly by the recent acquisition of Pioneer Natural Resources. Total revenues and other income increased across both periods compared to 2023, reaching $93.1 billion for the quarter and $176.1 billion year-to-date. Net income attributable to ExxonMobil for the quarter was $9.24 billion, up from $7.88 billion in the prior year's second quarter, while year-to-date net income stood at $17.46 billion, a decrease from $19.31 billion in the same period of 2023, primarily due to lower refining margins and higher scheduled maintenance. The acquisition of Pioneer Natural Resources, completed on May 3, 2024, is a major strategic development, contributing $4.37 billion in sales and $398 million in net income in the current quarter and year-to-date. This acquisition significantly boosted Upstream volumes and earnings, partially offsetting weaker industry refining and chemical margins. The company continued its commitment to shareholder returns, distributing $8.1 billion in dividends and repurchasing $8.3 billion in common stock during the first six months of the year.
Financial Highlights
41 data points| Revenue | $93.06B |
| SG&A Expenses | $2.57B |
| Operating Expenses | $79.39B |
| Interest Expense | $271.00M |
| Net Income | $9.24B |
| EPS (Basic) | $2.14 |
| EPS (Diluted) | $2.14 |
| Shares Outstanding (Basic) | 4.32B |
Key Highlights
- 1ExxonMobil reported a net income attributable to ExxonMobil of $9.24 billion for Q2 2024, an increase from $7.88 billion in Q2 2023, driven by improved Upstream realizations and volumes, partly offset by weaker refining margins.
- 2The acquisition of Pioneer Natural Resources, completed on May 3, 2024, significantly contributed to the company's results, particularly boosting Upstream segment volumes and earnings.
- 3Total revenues and other income for the quarter rose to $93.1 billion from $82.9 billion in the prior year's second quarter.
- 4The company distributed $8.1 billion in dividends and repurchased $8.3 billion of common stock in the first six months of 2024, demonstrating a continued focus on shareholder returns.
- 5While Upstream performance was strong, industry refining and chemical margins declined, impacting the Energy Products and Chemical Products segments.
- 6Capital and exploration expenditures increased to $7.0 billion in Q2 2024 and $12.9 billion year-to-date, with the company anticipating approximately $28 billion in investments for the full year 2024.
- 7The company highlighted ongoing structural cost savings, adding $1.0 billion in the first six months of 2024, contributing to disciplined expense management.