By Ayomide Otitoju
ExxonMobil reported a 23.4 percent decline in second-quarter earnings on Friday, citing lower crude oil prices despite increased production in key regions.
The oil giant posted net profits of $7.1 billion for the quarter, down from $9.3 billion a year earlier, as global crude prices slipped below $65 per barrel—more than $10 lower than the year-ago period.
ExxonMobil highlighted output gains in Guyana and the Permian Basin in the U.S., where production growth helped offset some of the pricing pressure.
The company also advanced its major project rollout, bringing three of ten planned developments online in 2025. These include facility upgrades in Singapore and the UK to refine low-quality feedstocks into high-value products, and a renewable diesel initiative in Canada.
“These projects demonstrate how our investments in high-value production will support long-term earnings growth,” ExxonMobil said in remarks prepared for its earnings call.
ExxonMobil continues to return capital to shareholders through dividends and stock buybacks. Following its acquisition of Pioneer Natural Resources, the company has repurchased about 40 percent of the shares issued to fund the deal.
