Exxon reports US$7.1 billion in Q2 earnings with highest second-quarter upstream production since Mobil merger

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Shikema Dey
Experienced Journalist with a demonstrated history of working in the media production industry and a keen interest in oil and gas, energy, public infrastructure, agriculture, social issues, development and the environment.

ExxonMobil Corporation reported second-quarter 2025 earnings of US$7.1 billion, or US$1.64 per diluted share. According to its financial report released this morning, cash flow from operating activities totaled US$11.5 billion, while free cash flow stood at US$5.4 billion.

Shareholder distributions were US$9.2 billion, including US$4.3 billion in dividends and US$5.0 billion in share repurchases. 

Chairman and Chief Executive Officer Darren Woods said, “We achieved our highest second-quarter Upstream production since the merger of Exxon and Mobil more than 25 years ago.”

Second-quarter net production reached 4.6 million oil-equivalent barrels per day, up 79,000 barrels from the first quarter. Woods said, “It was also our best quarter yet for high-value product sales volumes in Product Solutions.”

He added that start-up operations began for the first six of ten key projects planned for 2025, with all expected to be online by year-end. “These projects are expected to improve our earnings power by more than US$3 billion in 2026 at constant prices and margins,” Woods added.

Since 2019, ExxonMobil has achieved US$13.5 billion in structural cost savings.

ExxonMobil eyes US$30B in low-emission projects as Guyana sets example in cleaner oil production | OilNOW 

Year-to-date earnings were US$14.8 billion, down from US$17.5 billion in the first half of 2024. Upstream earnings for the first half of 2025 were US$12.2 billion, down US$576 million year-on-year. Year-to-date net production increased 13% to 4.6 million oil-equivalent barrels per day, driven by the Pioneer acquisition.

The company repurchased about 40% of shares issued to acquire Pioneer Natural Resources since May 2024. Year-to-date shareholder distributions were US$18.4 billion, including US$8.6 billion in dividends and US$9.8 billion in share repurchases.

Cash capital expenditures for the quarter were US$6.3 billion, bringing year-to-date spending to US$12.3 billion. ExxonMobil expects full-year capital spending to remain between US$27 billion and US$29 billion.

The company also declared a third-quarter dividend of US$0.99 per share, payable on September 10, 2025. ExxonMobil reported a debt-to-capital ratio of 13% and a net-debt-to-capital ratio of 8%. Year-to-date debt repayment totaled US$4.7 billion, with a period-end cash balance of US$15.7 billion.

ExxonMobil holds a 45% interest in Guyana’s Stabroek Block. Chevron holds 30%, while CNOOC holds 25%.

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