ExxonMobil has released its second quarter results for 2024 (Q2 2024), reporting a $9.2 billion profit, compared to $7.88 billion in the same period last year. This was driven by rising oil prices and the volume gains from its acquisition of shale oil firm Pioneer Natural Resources this year.

“I’d say vectors are all pointing up,” said ExxonMobil CEO Darren Woods of the output gains.

“Oil demand continues to be at record levels. Last year was a record. We anticipate this year will be a record and then next year will be a record,” Woods said.

The company has revised its 2024 output target upward by 13%, aiming to produce 4.3 million barrels of oil equivalent per day, following the Pioneer acquisition.

Profits from oil and gas production surged by 25% to $7.1 billion, while the gasoline and diesel segment saw a 32% decline in profits to $946 million. The chemicals division maintained steady profits at $779 million for the quarter.

ExxonMobil’ capital spending reached $7.03 billion including $700 million for assets acquired from Pioneer, compared to $6.17 billion in the same quarter last year.

The company has also raised its annual capital expenditure guidance to $28 billion, up from the previously estimated range of $23-$25 billion.

Moreover, the company recorded an increase in cash flow from operations, which climbed to $10.5 billion from $9.4 billion a year ago.

The company plans to buy back $19 billion in shares this year, the largest share repurchase program among its top Western rivals, up from $17.4 billion last year.