ExxonMobil Reports Record Permian Production and Strong Q2 Results

ExxonMobil Inc. reported strong second-quarter financial results, with cash flow from operations exceeding $23 billion and free cash flow surpassing $17 billion. The company returned $9.4 billion to shareholders through dividends and share buybacks during this period.

Production outside the Middle East reached a 20-year high of 4.1 million barrels of oil equivalent per day. Specifically, production in the Permian Basin hit a record of over 1.8 million barrels per day. The company projects a 9% compounded annual volume growth in the Permian region through 2030, targeting a breakeven point of $35 per barrel by 2027 and $30 by 2030.

Brent Crude is currently trading near $90 per barrel, driven by soaring oil prices linked to conflict in Iran. Consequently, the company's stock has gained 33% since the start of the year.