Exxon Mobil Corporation, a leading integrated energy, petrochemical and resin producing company, has announced its Q2 2023 earnings, which amounted to $7.9 billion, or $1.94 per share assuming dilution. The company's capital and exploration expenditures were $6.2 billion in Q2 and $12.5 billion for the first half of 2023, aligning with the company's full-year guidance of $23 billion to $25 billion.

ExxonMobil's Q2 results reflect a doubling of earnings from five years ago in a comparable industry commodity price environment. The company's earnings for the first half of the year totaled more than $19 billion, and it is on track to structurally reduce costs by $9 billion at year end compared to 2019.

The company also achieved record quarterly production in the Permian and Guyana, demonstrating excellent operational performance. This includes a 20% year-over-year increase in production in Guyana and the Permian.

ExxonMobil has expanded its leadership in carbon capture and storage by agreeing to acquire Denbury and reaching 5 million metric tons per year of CO2 offtake contracts with industrial customers. This move is part of the company's strategy to grow its Low Carbon Solutions business and reduce Gulf Coast industrial emissions by 100 million metric tons per year.

The company's cash flow from operations totaled $9.4 billion and free cash flow was $5.0 billion. ExxonMobil's debt-to-capital ratio remained at 17% and net-debt-to-capital ratio was 5%, reflecting a period-end cash balance of $29.6 billion.

In Q2, shareholder distributions of $8.0 billion included $4.3 billion of share repurchases and $3.7 billion of dividends. The Corporation declared a third-quarter dividend of $0.91 per share, payable on Sept. 11, 2023, to shareholders of record of Common Stock at the close of business on Aug. 16, 2023.

--The Plastic Exchange