ExxonMobil swings to $4.7bn Q2 profit on higher oil prices

ExxonMobil swings to $4.7bn Q2 profit on higher oil prices

Global energy giant Exxon Mobil Corporation has announced an estimated earnings of $4.7 billion ($1.10 per share) for the second-quarter, assuming dilution, compared with a loss of $1.1 billion for the same period last year.

 

Second-quarter capital and exploration expenditures were $3.8 billion, bringing the first half of 2021 to $6.9 billion, which is consistent with planned lower activity in the first half of the year. 

 

The company anticipates higher second-half planned spending on key projects, including Guyana, Brazil, Permian and in Chemical, with full-year spending towards the lower end of the guidance range of $16 billion to $19 billion, said the statement from Exxon Mobil. 

 

Earnings increased $5.8 billion over the second quarter of 2020, driven by oil and natural gas demand and best-ever quarterly chemical and lubricants contributions, it stated.

 

The average realizations for crude oil increased 13% from the first quarter. Natural gas realizations increased 1% from the prior quarter.

 

Liquid volumes decreased 3% from the first quarter, driven by increased planned maintenance activity. Natural gas volumes decreased 10%, driven by lower seasonal demand.

 

During the quarter, production volumes in the Permian averaged 400,000 oil-equivalent barrels per day, an increase of 34% from the second quarter of 2020. The focus remains on continuing