ExxonMobil has reported a 23.4 per cent drop in second-quarter profits, attributing the decline to lower global crude oil prices, which outweighed gains from increased production in key regions.
The U.S. energy giant posted earnings of $7.1 billion for the quarter, down from the same period last year, as average crude prices fell to below $65 per barrel — more than $10 lower than in Q2 2024. Revenues also fell 12.4 per cent to $81.5 billion.
Despite the decline, ExxonMobil noted higher output from core operations in Guyana and the Permian Basin, as well as the commissioning of three major projects in 2025. These include facility upgrades in Singapore and the UK aimed at converting lower-quality feedstocks into high-value products, and a renewable diesel initiative in Canada.
“These projects are the most recent examples of how our push into higher-value products will drive earnings and profitability long into the future,” the company said in a statement ahead of its investor call.
The oil giant continues to reward shareholders, revealing it has repurchased about 40 per cent of the shares issued during its acquisition of Pioneer Natural Resources. ExxonMobil shares rose 0.8 per cent in pre-market trading.
