Exxon Mobil recorded one of its largest second-quarter profits in a decade on surging quarterly production from oil and gas fields in Guyana and the Permian basin in the U.S., as well its $60 billion acquisition of Pioneer Natural Resources.
The Texas oil and gas giant earned $9.24 billion, or $2.14 per share, for the three months ended June 30, topping last year's profit of $7.88 billion, or $1.94 per share.
The results topped Wall Street expectations, though Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were expecting earnings of $2.04 per share.
“We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger," Chairman and CEO Darren Woods said in a prepared statement Friday.
The Pioneer deal contributed $500 million to earnings in the first two months after closing, Exxon said.
Revenue for the Spring, Texas, company totaled $93.06 billion, topping Wall Street's expectations for $90.38 billion.
Exxon's net production reached 4.4 million oil-equivalent barrels per day during the second quarter, an increase of 15% compared with the first three months of the year.
Oil prices are lower than they were at this point last year, and those high prices sent Exxon and other energy giants on a buying spree.
Exxon announced in July 2023 that it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy.
Three months later it said it would spend $60 billion on shale operator Pioneer Natural Resources. That deal received clearance from the Federal Trade Commission in May.
In October Chevron said it would buy Hess Corp. for $53 billion, joining the acquisitions race.
Chevron Corp. on Tuesday fell far short of profit expectations for its second quarter and shares slipped less than 1% before the opening bell Friday. Shares of Exxon Mobil Corp. rose slightly.
FILE - Delegates meet at the Exxon Mobil booth during the LNG2023 conference in Vancouver, British Columbia, Tuesday, July 11, 2023. Exxon Mobil's second-quarter profit rose and was its second-highest for the period of the past decade as it achieved record quarterly production from its Permian and Guyana assets. The energy company earned $9.24 billion, or $2.14 per share, for the three months ended June 30, 2024. (Darryl Dyck/The Canadian Press via AP, File)
BOGOTA, Colombia (AP) — Three Americans, two Spaniards and a Czech citizen were arrested Saturday after Venezuelan officials accused them of coming to the South American country to assassinate President Nicolas Maduro.
The arrests were announced on state television by Diosdado Cabello, the nation's powerful interior minister. Cabello said the foreign citizens were part of a CIA-led plot to overthrow the Venezuelan government and kill several members of its leadership. In the television program, Cabello showed images of rifles that he said were confiscated from some of the plotters of the alleged plan.
The arrest of the American citizens included a member of the Navy, who Cabello identified as Wilbert Joseph Castañeda Gomez. Cabello said that Gomez was a former navy seal who had served in Afghanistan, Iraq and Colombia. Spain's embassy in Venezuela did not reply to a request for comment on the arrests of its citizens.
The U.S. State Department late Saturday confirmed the detention of a U.S. military member and said it was aware of “unconfirmed reports of two additional U.S. citizens detained in Venezuela.”
“Any claims of U.S. involvement in a plot to overthrow Maduro are categorically false. The United States continues to support a democratic solution to the political crisis in Venezuela,” the statement said.
The announcement of the arrests comes just two days after the U.S. Treasury imposed sanctions on 16 allies of Maduro who were accused by the U.S. government of obstructing voting during the disputed July 28 Venezuelan presidential election, and carrying out human rights abuses.
Earlier this week, Spain's parliament recognized opposition candidate Edmundo Gonzalez as the winner of the election, angering Maduro allies who called on the Venezuelan government to suspend commercial and diplomatic relations with Spain.
Tensions between Venezuela's government and the U.S. have increased as well following the election, whose result sparked protests within Venezuela in which hundreds of opposition activists were arrested.
Venezuela's Electoral Council, which is closely aligned with the Maduro administration, said Maduro won the election with 52% of the vote, but did not provide a detailed breakdown of the results.
Opposition activists, however, surprised the government by collecting tally sheets from 80% of the nation's voting machines. The tally sheets collected by the opposition were published online, and they indicate that Gonzalez won the election with twice as many votes as Maduro.
Despite international condemnation over the election's lack of transparency, Venezuela's supreme court, which has long backed Maduro, confirmed his victory in August. Venezuela's attorney general then filed conspiracy charges against Gonzalez, who fled to Spain last week after it became clear he would be arrested.
Maduro has dismissed requests from several countries, including the leftist governments of Colombia and Brazil, to provide tally sheets that prove he won the election. Maduro, who has been in power since 2013, has long claimed the U.S. is trying to overthrow him through sanctions and covert operations.
The Maduro administration has previously used Americans imprisoned in Venezuela to gain concessions from the U.S. government. In a deal conducted last year with the Biden administration, Maduro released 10 Americans and a fugitive wanted by the U.S. government to secure a presidential pardon for Alex Saab, a close Maduro ally who was held in Florida on money laundering charges. According to U.S. prosecutors, Saab had also helped Maduro to avoid U.S. Treasury sanctions through a complex network of shell companies.
FILE - Socialist Party President Diosdado Cabello gives his weekly press conference, in Catia La Mar, La Guaira, Venezuela, Aug. 19, 2019. (AP Photo/Ariana Cubillos, File)
FILE - Venezuela's President Nicolas Maduro addresses government loyalists gathered at the presidential palace in support of his reelection one month after the presidential vote, in Caracas, Venezuela, Aug. 28, 2024. (AP Photo/Ariana Cubillos, File)
