10:19 AM EDT, 08/02/2024 (MT Newswires) -- Exxon Mobil ( XOM ) on Friday reported better-than-expected second-quarter results, while Chevron ( CVX ) missed Wall Street's estimates for earnings amid weak refining margins.

Exxon posted earnings of $2.14 per share in the June quarter, up from $1.94 the year before, beating the Capital IQ-polled GAAP consensus of $2.03. Total revenue and other income rose to $93.06 billion from $82.91 billion, topping the Street's view for $89.68 billion.

Upstream earnings at Exxon increased $1.4 billion sequentially to $7.07 billion in the second quarter, driven by the company's acquisition of Pioneer Natural Resources, record production in Guyana and heritage Permian and cost savings. The company in July 2023 reported $4.58 billion as 2023 second-quarter upstream earnings.

Production reached 4.36 million oil-equivalent barrels a day, surpassing the 4.18 million-barrel estimate modeled by analysts. Exxon last year reported a comparable figure of 3.61 million barrels a day.

Earnings in Exxon's energy product segment slid to $946 million from $1.38 billion in the first quarter, weighed down by weaker industry refining margins as additional supply outpaced record demand in the second quarter. Chemical and specialty products' earnings fell sequentially.

"We delivered our second-highest (second-quarter) earnings of the past decade as we continue to improve the fundamental earnings power of the company," Chief Executive Darren Woods said in a statement.

Chevron's ( CVX ) second-quarter adjusted EPS declined to $2.55 from $3.08 last year, below the Street's consensus of $3. Total revenue rose to $51.18 billion from $48.9 billion last year, above the $50.73 billion market estimate.

Chevron's ( CVX ) global oil-equivalent production advanced to 3.29 million barrels per day from 2.96 million barrels a year earlier, ahead of the Street's 3.22 million-barrel consensus. US upstream production increased by 353,000 year over year to 1.57 million barrels per day due to the integration of PDC Energy and record production in the Permian Basin. International output fell to 1.72 million barrels from 1.74 million barrels last year amid downtime in Australia and the company's exit from Myanmar.

Earnings in Chevron's ( CVX ) upstream segment slid to $4.47 billion from $4.94 billion on a yearly basis. Growth in US operations was more than offset by a decline in the international segment, which faced lower sales volumes, foreign-currency headwinds and lower natural gas realizations. In the downstream segment, earnings decreased to $597 million from $1.51 billion last year due to lower margins on refined product sales both in the US and internationally.

"This quarter, we delivered strong production, enhanced our global exploration portfolio and extended our track record of consistent shareholder returns with over $50 billion of distributions in the last two years," Chevron ( CVX ) CEO Mike Wirth said. "Despite recent operational downtime and softer margins, we remain poised to deliver significant long-term earnings and cash flow growth."

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