US oil and gas supermajor, ExxonMobil 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.
ExxonMobil’s 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.
In a statement issued on Monday, August 29,2022, it said its capital and exploration expenditures were $4.6bn for the second quarter and, $9.5bn in this year.
ExxonMobil Chairman and CEO Darren Woods said: “Earnings and cash flow increased production, higher realizations, and tight cost control.”
“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,” he added.
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.