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Key Takeaways
- ExxonMobil reported better-than-expected second-quarter revenue and net income Friday thanks to higher production and oil prices.
- The company said it reached its highest production levels since the 1999 merger of Exxon and Mobil.
- The nearly $60 billion acquisition of Pioneer Natural Resources was also closed during Q2, contributing about $500 million to ExxonMobil’s earnings during May and June.
ExxonMobil (XOM) posted second-quarter results well above analysts’ expectations Friday as record production levels and higher oil prices boosted the company’s results.
The Texas-based energy giant reported a 12% year-over-year revenue increase to $93.06 billion, and a 17% profit bump to $9.24 billion, both easily surpassing estimates compiled by Visible Alpha.
ExxonMobil Hits Highest Production Levels Since 1999 Combination
The company said it produced its highest levels of oil since the 1999 merger that brought Exxon and Mobil together, with 4.4 million oil-equivalent barrels per day produced in the quarter, 15% above ExxonMobil’s Q1 production.
ExxonMobil’s acquisition of Pioneer Natural Resources, valued at nearly $60 billion, closed during the quarter, and the company said it contributed an estimated $500 million to its earnings during May and June.
ExxonMobil shares rose less than 1% to $117.57 soon after the opening bell Friday.