Exxon's Permian hydrocarbon output soars in H1

ExxonMobil said July 29 it had increased Permian oil and gas production by around 130,000 barrels/day in the first half of 2022 in annual terms to meet "recovering product demand".

The US major reported earnings of $17.9bn for April to June, up from $5.5bn in the first quarter of 2022. The massive earnings increase was attributed to a "tight supply/demand" balance for gas, oil and refined products, with realisation indicators for natural gas climbing well above Exxon's 10-year average.

Exxon's upstream sector reported earnings of $11.4bn, rising from $4.5bn quarter/quarter. This was on the back of gas price realisations increasing by 23% and crude realisations by 15%. Earnings growth at Exxon's domestic US assets soared to $3.8bn from $633mn yr/yr in the second quarter, while foreign assets contributed $7.6bn, up from $2.5bn yr/yr. 

"Higher production from growth projects and recovery from first quarter weather-related downtime in Canada were partly offset by price entitlement effects and increased seasonal scheduled maintenance," Exxon said.