Exxon earnings beat estimates as production growth softens impact of lower oil prices

Core Viewpoint - Exxon Mobil reported a significant decline in second-quarter earnings compared to the previous year, but still exceeded Wall Street estimates due to production growth mitigating the effects of lower oil prices [1]. Financial Performance - Net income decreased by 23% to $7.1 billion, or $1.64 per share, down from $9.2 billion, or $2.14 per share, in the same quarter last year [1]. - Earnings per share were reported at $1.64, surpassing the expected $1.54 [3]. - Revenue reached $81.5 billion, slightly above the anticipated $80.77 billion [3]. Production Metrics - The company achieved a production level of 4.6 million barrels per day in the second quarter, marking the highest output since the merger of Exxon and Mobil over 25 years ago [1]. - Production in the Permian Basin reached a record of 1.6 million barrels per day [1].