Exxonmobil Achieves Record-High Revenue Of $93 Billion And Sets New Oil Production Milestone

ExxonMobil has announced a revenue of $93 billion in the second quarter of 2024, representing a notable increase from nearly $83 billion the previous year. This positive growth in revenue is outlined in the company’s recent statement, which was released and reviewed by Sunday Telegraph.

In addition, ExxonMobil reported second-quarter earnings of $9.2 billion, marking a 16% rise compared to the same period in 2023. This increase in earnings can primarily be attributed to the company’s upstream sector.

The second quarter of 2024 also saw ExxonMobil achieve its highest-ever oil production. This notable achievement is mainly due to the company’s productive assets in Guyana and the US Permian basin. As stated in the report, ExxonMobil’s average production during the quarter reached 4.358 million barrels of oil equivalent per day, reflecting a 15% increase, equivalent to 574,000 barrels per day, compared to the first quarter.

ExxonMobil recently disclosed its second-quarter earnings report, revealing higher profits and revenues compared to the same period last year. The company recorded a profit of $9.2 billion and a revenue of $93 billion, indicating a 17% and 12% increase, respectively. A significant contributing factor to this financial success is ExxonMobil’s record-breaking oil production, including operations in a disputed Caribbean claim that has entangled the company in legal disputes with its major competitor.

CEO Darren Woods commented on the financial statement, mentioning that ExxonMobil is currently extracting 4.1 million barrels of crude-equivalents per day. He further expressed, “We achieved the second-highest second-quarter earnings in the past decade, showcasing our ongoing efforts towards improving the fundamental earnings power of the company. Additionally, we accomplished record quarterly production from our cost-efficient Permian and Guyana assets, marking the highest oil production since the merger between Exxon and Mobil.”