The Exxon Mobil Corporation today announced second-quarter 2024 earnings of US$9.2 billion.

In a release this morning, the Texas-based oil company said cash flow from operating activities was $10.6 billion and cash flow from operations, excluding working capital movements, was $15.2 billion while shareholder distributions of $9.5 billion included $4.3 billion of dividends and $5.2 billion of share repurchases, consistent with the company’s announced plans.

Exxon’s Chairman and CEO, Darren Woods noted that the company has delivered its second-highest second-quarter earnings of the past decade as it continues to improve the fundamental earnings power of the company. He noted the importance of the Guyana operations.

“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. We also achieved a record in high-value product sales, growing by 10% versus the first half of last year. We closed on our transformative merger with Pioneer in about half the time of similar deals. And we’re continuing to build businesses such as Proxxima, carbon materials and virtually carbon-free hydrogen, with approximately 98% of CO₂ removed, that will create value long into the future.” Mr. Woods was quoted as saying.

The company’s upstream year-to-date earnings soared to US $12.7 billion, $1.7 billion higher than the first half of 2023.

The company explained that the prior-year period was negatively impacted by tax-related identified items. Excluding the identified items, earnings increased $1.5 billion due to advantaged assets volume growth from Guyana, heritage Permian and Pioneer production.

The company’s Year-to-date net production was 4.1 million oil-equivalent barrels per day, an increase of 9%, or 352,000 oil-equivalent barrels per day.

The Company declared a third-quarter dividend of $0.95 per share, payable on September 10, 2024, to shareholders of record of Common Stock at the close of business on August 15, 2024, while its debt-to-capital ratio was 14% and the net-debt-to-capital ratio was 6%², reflecting a year-to-date debt repayment of $3.9 billion and a period-end cash balance of $26.5 billion

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