ExxonMobil Corporation reported second-quarter 2024 earnings of $9.2 billion, or $2.14 per share, reflecting industry-leading performance and highlighting the company’s portfolio strengths. The Pioneer merger, finalised ahead of schedule, contributed $0.5 billion to earnings and enhanced upstream production by 15 percent, including record outputs in Guyana and the Permian. The company achieved a cash flow from operating activities of $10.6 billion and a cash flow from operations, excluding working capital movements, of $15.2 billion. Shareholder distributions totalled $9.5 billion, comprising $4.3 billion in dividends and $5.2 billion in share repurchases.
Year-to-date earnings were $17.5 billion, a decline from $19.3 billion in the first half of 2023, mainly due to decreased refining margins and natural gas prices. Nonetheless, the company’s advantaged volume growth from record production in Guyana, Pioneer, and the Permian, along with cost savings, offset these declines. ExxonMobil achieved $10.7 billion in structural cost savings since 2019, with $1.0 billion saved this year. Cash flow from operations and asset sales, excluding working capital, was $29.5 billion.
ExxonMobil advanced its new businesses, including carbon capture and storage and virtually carbon-free hydrogen production. A new agreement increased total contracted CO2 offtake to 5.5 million metric tonnes per year. The company also signed an MOU with SK On for lithium supply for electric vehicle batteries and progressed ProxximaTM, a high-performance resin, projected to address a $30 billion market by 2030.
Upstream earnings rose to $12.7 billion, driven by increased production and cost savings. The Energy Products segment reported $2.3 billion in earnings despite lower refining margins. Chemical Products earnings increased to $1.6 billion due to strong sales and cost advantages. Specialty Products delivered consistent earnings of $1.5 billion, bolstered by higher volumes and cost savings.
ExxonMobil declared a third-quarter dividend of $0.95 per share and maintained a robust financial position with a debt-to-capital ratio of 14 percent. The company plans to repurchase over $19 billion of shares in 2024, supporting its commitment to delivering shareholder value.
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