ExxonMobil announces record Second Quarter results
At the end of July Exxon Mobil Corporation announced record second-quarter 2022 earnings of $17.9 billion, up from $5.5 billion in the first quarter, and up from $4.7 billion in the second quarter last year.
“Earnings and cash flow benefited from increased production, higher realizations, and tight cost control,” said Darren Woods, chairman and chief executive officer.
“Key to our success is continued investment in our advantaged portfolio, including Guyana, the Permian, global LNG, and in our high-value performance products, along with efforts to reduce structural costs and improve efficiency. We're also helping meet increased demand by expanding our refining capacity by about 250,000 barrels per day in the first quarter of 2023 - representing the industry's largest single capacity addition in the U.S. since 2012. At the same time, we’re supporting the transition to a lower-emission future, growing our portfolio of opportunities in carbon capture and storage, biofuels, and hydrogen.”
The announcement included results from ExxonMobil Product Solutions, which was created on 1 April this year, combining the corporation’s Downstream and Chemical businesses.
The announcement also included reference to the progress being made by its Low Carbon Solutions business, including delivery of the first cargo of sustainable aviation fuel (SAF) via proprietary pipeline to Virgin Atlantic at London Heathrow Airport and an agreement to advance the L10 carbon capture and storage project in the Dutch North Sea.
Oil-equivalent production in the second quarter was 3.7 million barrels per day, up 4% versus the first quarter. Liquids volumes increased by nearly 35,000 barrels per day and natural gas volumes grew by more than 150 million cubic feet per day.
Refining throughput in the first half of 2022 was up 180,000 barrels per day versus the first six months of 2021, as we worked to meet recovering product demand.
Chemical Products second-quarter 2022 earnings were $1.1 billion compared down from $2.2 billion in the second-quarter of 2021 due to reduced industry margins and unfavourable foreign exchange effects.
See press release for more details.