ExxonMobil announces strong second-quarter 2023 results

Exxon Mobil Corporation has reported earnings of $7.9 billion in the second quarter of 2023. The company's capital and exploration expenditures for the same period were $6.2 billion, and for the first half of 2023, it reached $12.5 billion, aligning with its full-year guidance of $23 billion to $25 billion.

The second quarter earnings were driven by structural improvements to enhance the company’s operations and overall performance. Notably, ExxonMobil achieved record quarterly production in both the Permian and Guyana regions and saw its highest second-quarter global refinery throughput in the past 15 years.

During the period, ExxonMobil expanded its leadership in carbon capture and storage by acquiring Denbury and entering into 5 million metric tons per year of CO2 offtake contracts with industrial customers. These developments highlight the company's commitment to sustainability and environmental responsibility.

“The work we've been doing to improve our underlying profitability is reflected in our second-quarter results, which doubled from what we earned in a comparable industry commodity price environment just five years ago,” said Darren Woods, chairman and chief executive officer.

“Earnings totalled more than $19 billion during the first half of the year, and we are on track to structurally reduce costs by $9 billion at year end compared to 2019. Production is up 20% year-over-year in Guyana and the Permian, and we are playing a leading role in the industry's energy transition. This reflects the significant opportunity to profitably grow our Low Carbon Solutions business by creating a compelling customer decarbonization proposition.”