Exxon Mobil's second-quarter earnings of $7.1 billion exceeded Wall Street's expectations. This performance is attributed to record production of 4.6 million barrels per day, despite a profit decline due to lower oil prices, which fell by 10% year-over-year. The company's recent loss in arbitration regarding the $53 billion Hess acquisition is a notable setback, allowing Chevron to proceed with the deal. Exxon is considering further acquisitions in the Permian Basin and exploring deepwater targets to enhance its portfolio, while prioritizing free cash flow for dividends.
Exxon Mobil reported robust second-quarter earnings of $7.1 billion, or $1.64 per share, surpassing Wall Street's $1.54 estimate, driven by record production of 4.6 million barrels per day.
Despite losing arbitration over the $53 billion Hess acquisition, which denied Exxon a stake in Guyana's Stabroek Block, the company continues to explore opportunities for acquisitions in the Permian Basin.
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