ExxonMobil Corporation announced achieving earnings of $7.9 billion in Q2 2023. Meanwhile, the company’s exploration expenditures and capital recorded $6.2 billion during Q2 and $12.5 billion for the first half of 2023, which comes in line with the company’s 2023 full-year guidance of $23 billion to $25 billion.

The company’s structural earnings improvements have contributed to the outstanding Q2 earnings of $7.9 billion.

“Expanded leadership in carbon capture and storage by agreeing to acquire Denbury and reaching 5 million metric tons per year of CO2 offtake contracts with industrial customers,” the company said.

“The work we’ve been doing to improve our underlying profitability is reflected in our second-quarter results, which doubled from what we earned in a comparable industry commodity price environment just five years ago,” Darren Woods, the company’s CEO, commented.

“Earnings totaled more than $19 billion during the first half of the year, and we are on track to structurally reduce costs by $9 billion at year-end compared to 2019. Production is up 20% year-over-year in Guyana and the Permian, and we are playing a leading role in the industry’s energy transition with an agreement to acquire Denbury and with three world-scale CO2 offtake agreements. This reflects the significant opportunity to profitably grow our Low Carbon Solutions business by creating a compelling customer decarbonization proposition with the potential to reduce Gulf Coast industrial emissions by 100 million metric tons per year,” he said.