Oil giant ExxonMobil (XOM) has reported better-than-expected second-quarter financial results due to record production in Guyana and the Permian Basin of Texas.
Houston, Texas-based ExxonMobil announced earnings per share (EPS) of $2.14 U.S., which beat the $2.01 U.S. forecast on Wall Street.
Revenue of $93.06 billion U.S. topped consensus estimates that had called for $90.99 billion U.S. in Q2 sales.
The company said that the strong results and its record production each got a lift from its recent $60 billion U.S. acquisition of Pioneer Natural Resources, which closed in May of this year.
ExxonMobil said that its production grew 15% to 4.4 million barrels of crude oil per day during Q2, driven by record output in both Guyana and the Permian Basin.
The company’s capital and exploration expenditures totaled $7 billion U.S. in the April through June quarter, including $700 million U.S. in costs related to closing the Pioneer acquisition.
Total spending was at nearly $13 billion U.S. at the end of June. Management said they expect $28 billion U.S. in capital expenditures for all of this year.
ExxonMobil spent $4.30 billion U.S. on dividends and $5.20 billion U.S. on stock buybacks during Q2.
The stock of ExxonMobil has risen 11% over the last 12 months to trade at $116.95 U.S. per share.
