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August 1, 2022

ExxonMobil Q2 profits surge to $17.9bn due to rising energy prices

Total revenues and other income were $115.6bn for the second quarter while cash flow from operating activities was $20bn.

US oil major Exxon Mobil has posted a net income of $17.9bn for the second quarter of 2022, against $4.69bn in the same quarter a year ago, due to soaring oil and gas prices.

For the quarter ended on 30 June 2022, total revenues soared to $115.68bn from $67.7bn in the corresponding quarter of 2021.

The firm reported a cash flow from operating activities of $20bn versus $9.65bn in the previous year, benefiting from higher realisations and margins, increased production, and tight cost control.

The American energy giant said that its capital and exploration expenditures for the three months through to June 2022 stood at $4.6bn, bringing its first half investments to $9.5bn in this year.

The profit included a $300m booked identified item related to the sale of the Barnett Shale upstream assets.

Free cash flow for the quarter totalled $16.9bn.

Exxon chairman and CEO Darren Woods said: “Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic.

“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.”

Exxon announced shareholder distributions of $7.6bn for the second quarter. This includes dividends of $3.7bn.

Woods added: “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 US 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.”

Last month, ExxonMobil announced that it had made two new oil discoveries in the Seabob-1 and Kiru-Kiru-1 wells.

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