ExxonMobil Corporation (XOM) ), the U.S. energy giant, is poised to further expand its oil operations in Guyana with a development plan for its seventh offshore project, Hammerhead, per a Reuters report. The plan is set to arrive by the first quarter of 2025. Guyana's Natural Resources minister, Vickram Bharrat, made this announcement, signaling another major leap in the South American nation’s journey toward establishing itself as a key player in the global oil market.Guyana has quickly emerged as the worl ...

apomares/E+ via Getty Images Exxon Mobil Corporation (NYSE:XOM) is the second largest publicly traded oil company in the world, behind Saudi Aramco. We discussed the company's lofty valuation in our last article, and the company's valuation remains high. However, with the potential to continue growth and drive long-term returns, Exxon Mobil is a valuable investment. Exxon Mobil Quarterly Performance Exxon Mobil had strong quarterly performance versus its market capitalization of $520 billion. Exxon Mobil In ...

ExxonMobil Corporation (XOM) , the U.S. energy giant, has begun a workforce reshuffle, leading to layoff notices for 59 employees, per a Reuters report. This move is part of XOM’s broader workforce restructuring plan following its ($60 billion) acquisition of Pioneer Natural Resources.The majority of the layoffs (39 employees) are from Las Colinas, a Dallas suburb that previously served as Pioneer's headquarters in Irving, TX. Additionally, 18 employees from Midland, located within the prolific Permian Basi ...

This month, Exxon Mobil Corporation (XOM) reported robust second-quarter 2024 earnings, driven by increased upstream production, improved crude oil realizations and the positive impact of the Pioneer acquisition. Notably, record production in offshore Guyana and the Permian Basin, the most prolific in the United States, continues to bolster the bottom line of this large integrated energy major.The critical question now facing investors is how to strategically position themselves regarding the stock. Before ...

ExxonMobil Corporation (XOM) , a U.S. energy major, has initiated the restart of several units at its Joliet, IL, refinery following a three-week outage caused by a power failure. The 251,800-barrel-per-day (bpd) facility, which was shut down in mid-July due to a storm-induced power outage, produces approximately 9 million gallons of gasoline and diesel daily.During the outage, 16 units, including a vacuum distillation unit and a catalytic cracker unit, were adversely impacted. According to media reports, t ...

Boost your passive income stream with these oil, gas, and renewable energy stocks.ExxonMobil (XOM 0.13%), the largest U.S.-based energy stock by market cap, has been a reliable dividend stock for decades. Despite the volatility of oil and natural gas prices, Exxon has paid and raised its dividend for 42 consecutive years.While Exxon is knocking on the door of an all-time high, other companies in the oil and gas and renewable energy industries have seen their stock prices tumble. Here's why Chevron (CVX 0.02 ...

ExxonMobil is preparing for whatever the future might bring.ExxonMobil (XOM 0.81%) is a firm believer that oil will remain vital to fueling the economy for decades to come. This view drives it to continue investing in oil projects. However, the company's focus is on the bigger energy picture, which is much broader than oil. It aims to participate in the overall growth in energy demand, no matter which direction the world ends up heading. Here's a closer look at ExxonMobil's long-term outlook for the energy ...

Exxon Mobil TodayXOMExxon Mobil$114.77 -2.11 (-1.81%) 52-Week Range$95.77▼$123.75Dividend Yield3.31%P/E Ratio14.06Price Target$134.78Add to WatchlistExxonMobil’s NYSE: XOM price action is not immune to the broad-market selloff, but operational quality, growth, and capital return point to a buy-the-dip opportunity. Exxon’s operational quality is improving due to efficiency efforts, modernization of its operations, and the impact of the Pioneer acquisition, which is not fully felt. The Pioneer acquisition clo ...

Financial Performance - In Q2 2024, ExxonMobil reported total earnings of $9.24 billion, with upstream earnings of $2.43 billion in the U.S. and $4.64 billion internationally[58]. - ExxonMobil's Q2 2024 earnings were $9.2 billion, or $2.14 per share, up from $7.9 billion a year earlier, driven by improved realizations and increased volumes[62]. - Upstream earnings for Q2 2024 totaled $7.1 billion, compared to $4.6 billion in Q2 2023, with significant contributions from both U.S. and non-U.S. operations[63]. - Energy Products earnings for Q2 2024 were $946 million, down from $2.3 billion in Q2 2023, primarily due to weaker industry refining margins[77]. - Net income for the first six months of 2024 was $18.1 billion, a decrease of $1.9 billion from the prior year[99]. Cost Management - The company achieved cumulative structural cost savings of $10.7 billion compared to 2019 levels, including an additional $1.0 billion in the first half of 2024[60]. - Total cash operating expenses excluding energy and production taxes were $39.5 billion in 2023, reflecting a decrease of $4.5 billion compared to 2019[61]. - ExxonMobil's total adjusted operating costs were $79.4 billion in 2023, with a slight increase from $78.8 billion in 2019[61]. - Structural cost savings contributed an increase of $210 million to earnings in Q2 2024[66]. - Corporate and Financing expenses decreased to $310 million in Q2 2024, down from $506 million in Q2 2023, a reduction of 38.7%[96]. Production and Operations - Record production from Guyana and growth in heritage Permian contributed to a 750 thousand oil-equivalent barrels per day increase in Q2 2024 production compared to Q2 2023[75]. - Worldwide net production of crude oil and natural gas liquids reached 2.98 million barrels per day in Q2 2024, up from 2.35 million barrels per day in Q2 2023[71]. - Refinery throughput in the United States decreased to 1,746 thousand barrels daily in Q2 2024 from 1,944 thousand barrels daily in Q2 2023, a decline of approximately 10.2%[82]. - Capital and exploration expenditures for Q2 2024 were $7.0 billion, an increase of $0.9 billion from Q2 2023[62]. - Capital and exploration expenditures in Q2 2024 were $7.0 billion, up 14% from Q2 2023[103]. Strategic Initiatives - The acquisition of Pioneer Natural Resources on May 3, 2024, is expected to enhance ExxonMobil's position in the oil and gas exploration sector[55]. - The company is focusing on high-value products, including performance chemicals and lower-emission fuels, to drive future growth[56]. - Future projects include the Fawley Hydrofiner and China Chemical Complex, which are expected to contribute to growth once completed[56]. - The company is evaluating additional advanced recycling projects worldwide to enhance sustainability efforts[56]. Sales and Market Trends - Chemical margins showed slight improvement in Q2 2024 but remained below the 10-year range due to capacity additions outpacing demand growth[54]. - Chemical Products earnings in the United States increased to $526 million in Q2 2024, up from $486 million in Q2 2023, representing an increase of 8.2%[84]. - Worldwide Chemical Products sales reached 4,873 thousand metric tons in Q2 2024, slightly up from 4,849 thousand metric tons in Q2 2023, an increase of 0.5%[88]. - Specialty Products earnings in the United States rose to $447 million in Q2 2024, compared to $373 million in Q2 2023, marking a growth of 19.9%[90]. - Worldwide Energy Products sales totaled 5,320 thousand barrels daily in Q2 2024, down from 5,658 thousand barrels daily in Q2 2023, a decrease of 6.0%[82]. Cash Flow and Financing - Cash flow from operations and asset sales in Q2 2024 was $11.5 billion, an increase of $0.8 billion from Q2 2023, primarily due to higher earnings[99]. - Net cash provided by operating activities for the first six months of 2024 totaled $25.2 billion, which is $0.5 billion lower than the same period in 2023[99]. - Net cash used in financing activities was $20.5 billion in the first six months of 2024, compared to $16.7 billion in the prior year[99]. - Total debt at the end of Q2 2024 was $43.2 billion, an increase from $41.6 billion at year-end 2023[99]. - The Corporation distributed $8.1 billion in dividends and repurchased $8.3 billion of common stock in the first half of 2024[62]. Taxation and Regulatory - Total taxes for Q2 2024 were $11.6 billion, a decrease of $0.2 billion from 2023, with income tax expense at $4.1 billion[102]. - The effective income tax rate for the first six months of 2024 was 35%, up from 34% in the prior year period[102]. Market Sensitivity - A $1 per barrel change in the weighted-average realized price of oil would have approximately a $650 million annual after-tax effect on Upstream consolidated plus equity company earnings[109]. - A $0.10 per thousand cubic feet change in the worldwide average gas realization would have approximately a $155 million annual after-tax effect on Upstream consolidated plus equity company earnings[109]. - Crude oil, natural gas, petroleum product, and chemical prices fluctuate in response to changing market forces[109]. - Changes in benchmark prices for crude oil and natural gas provide broad indicators of changes in earnings experienced in any particular period[109].

ExxonMobil is the undisputed leader in big oil.ExxonMobil (XOM -0.06%) is the 800-pound gorilla in the oil patch. The company simply dominates its peers. That was evident in its industry-leading second-quarter results.Here's a closer look at ExxonMobil's strong second-quarter performance and why its leadership should continue.Drilling down into Exxon's second-quarter reportExxonMobil delivered industry-leading second-quarter earnings of $9.2 billion. Exxon didn't just earn more money than its peers; it crus ...