Exxon Mobil Corporation announced second-quarter 2024 earnings of US$ 9.2 billion, or US$ 2.14 per share assuming dilution. Cash flow from operating activities was US$ 10.6 billion and cash flow from operations excluding working capital movements was US$ 15.2 billion. Shareholder distributions of US$ 9.5 billion included US$ 4.3 billion of dividends and US$ 5.2 billion of share repurchases, consistent with the company's announced plans.

The Pioneer merger, which closed five months faster than similar transactions and fundamentally transforms the Upstream portfolio, contributed $0.5 billion to earnings in the first two months post-closing2 with record production, and integration and synergy benefits are exceeding expectations

Expanded the company's value proposition by progressing new businesses including furthering carbon capture and storage (CCS) leadership with a new agreement that increased total contracted CO2 offtake with industrial customers to 5.5 million metric tons per year3, more committed volume than any other company has announced.

“We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company,” said Darren Woods, Chairman and Chief Executive Officer.

“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 ProxximaTM, carbon materials and virtually carbon-free hydrogen, with approximately 98% of CO2 removed, that will create value long into the future.”

Exxon Mobil achieved US$ 10.7 billion of cumulative Structural Cost Savings versus 2019, including an additional US$ 1.0 billion of savings during the year and US$ 0.6 billion during the quarter. The company is on track to deliver cumulative savings totaling US$ 5 billion through the end of 2027 versus 2023.

Chemical Products

Exxon Mobil’s chemical Products year-to-date earnings were US$ 1.6 billion, an increase of US$ 365 million versus the first half of 2023 driven by strong performance product sales growth and higher base volumes from modest demand improvement and lower turnaround impacts. Despite weaker global industry margins, overall margins increased as a result of the company's advantaged North American footprint which benefited from lower feed and energy costs. Structural cost savings provided a partial offset to higher project and maintenance expenses.

Second-quarter earnings were US$ 779 million compared to US$ 785 million in the first quarter. Stronger margins, high-value product sales growth from record performance product sales and structural cost savings offset higher maintenance impacts and project expenses.