ExxonMobil Announces $7.9B of Earnings in Q2 2023

ExxonMobil Announces $7.9B of Earnings in Q2 2023

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.

Avatar photo

Sarah Samir 3496 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

Login

Welcome! Login in to your account

Remember me Lost your password?

Lost Password