ExxonMobil Reports Strong Q2 Earnings

ExxonMobil, the largest oil company in the US, reported a net profit of $9.24 billion for the second quarter ending in June, up 17.3% year-on-year. Adjusted earnings per share were $2.14, beating the expected $2.03.

Revenue reached $93.06 billion, also surpassing the expected $90.46 billion. The profit increase was driven by higher oil prices and increased production following the $60 billion acquisition of Pioneer.

ExxonMobil raised its production forecast by 13% to 4.3 million barrels per day. The company plans to increase its capital expenditure budget by 12% to $28 billion and confirmed a 15% increase in its share buyback program.