Last week, ExxonMobil (NYSE:XOM) reported Q 2 2021 earnings in one of Big Oil’s most anticipated scorecards this earnings season. The United States’ largest oil and gas company posted stellar earnings that proved that the worst for the U.S. shale industry might finally be in the rearview mirror. Exxon’s Q2 earnings swung to a $4.7B profit from a loss of $1.1B in the year-earlier quarter while revenues more than doubled to $67.7B (+107.7% Y/Y), with both metrics exceeding Wall Street’s expectations.
Exxon said that its impressive earnings were driven by strong oil and natural gas demand as well as the best-ever quarterly chemical and lubricants contributions.
The company was able to achieve those results despite declining production: Q2 overall production slipped 2% Y/Y to 3.6M boe/day, despite production volumes in the Permian Basin jumping 34% Y/Y to 400K boe/day.
[Alex Kimani ]