Exxon Beats Expectations as Pioneer Deal Fuels Record Output
- Production to reach 4.3 million barrels per day by year-end
- Exxon is growing fossil fuels faster than its major rivals
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Exxon Mobil Corp. enjoyed an immediate surge from its $63 billion acquisition of Pioneer Natural Resources Co. by posting record oil production and beating earnings estimates.
Exxon earned $2.14 a share during the second quarter, 11 cents higher than the Bloomberg Consensus. The Pioneer takeover closed in early May, helping lift Exxon’s overall production by 15% from the first quarter and setting the stage for daily output to average more than 4 million barrels this year.