Exxon signals a hit from refining margins in Q2
By Sabrina Valle
HOUSTON, July 8 (Reuters) -Exxon Mobil Corp XOM.N on Monday signaled that lower refining margins across the industry will reduce its profits from fuels in the second quarter.
A snapshot of operating factors affecting the quarter suggests earnings per share between $1.50 and $2.40, which is 17% below market consensus.
The preview excludes additional oil and gas production from its $60 billion acquisition of Pioneer Natural Resources, concluded on May 3.
The largest U.S. oil producer indicated results from oil and gas - its main business - will increase to about $6.2 billion due to higher prices, from $4.6 billion in the second quarter last year, according to a securities filing.
Full financial results are due on August 2.
Exxon has more than doubled its production to 1.3 million barrels of oil equivalent per day (boepd) since concluding the acquisition of Pioneer, up from 620,000 boepd in 2023. The full effects of the merger will be felt in the third quarter.
The company has said it plans to triple Permian production to 2 million boepd by 2027 by drilling more and closer horizontal wells in a cube format within Pioneer's inventory.
Results also reflect record oil production from Guyana, where it pumped 632,000 boepd with partners in May, reaching a daily record of 663,000 boepd. This is about 100,000 boepd above the initial planned capacity.
Exxon shares have risen more than 13% this year, below the S&P 500's 16% increase, but ahead of other major Western oil rivals.
The company has announced it will increase buybacks to a $20 billion run rate following the closure of the acquisition. It had projected a 40,000 boepd negative production impact in the quarter due to scheduled maintenance and $3 billion in seasonal cash tax payments.
Reporting by Sabrina Valle, Editing by Franklin Paul
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