Exxon raises 2024 oil and gas output goal to 4.3 million bpd
Raises capital spending guidance to 28 billion for 2024
Aims to cut cumulative 5 billion in costs through 2027

Aug 2 Reuters Exxon Mobil on Friday posted a betterthanexpected 9.2 billion secondquarter profit based on rising output from its purchase this year of shale oil firm Pioneer Natural Resources.

Exxon delivered a 2.14 a share profit that beat analysts39; estimates on oil production and pricing gains that offset refining weakness. Results mirrored profit beats by rivals BP, Shell and ConocoPhillips.

Higher profit was driven by record production both in Guyana and in the Permian, which offset lower natural gas and fuel prices, Chief Financial Officer Kathryn Mikells said.

Net income was 9.24 billion, up from 7.88 billion a year ago.

The boost from the Pioneer purchase, which brought on mainly production from the U.S. Permian Basin, highlighted how quickly Exxon was able complete the deal compared to their rivals. Chevron and ConocoPhilips are still waiting to complete regulatory reviews of their pending deals, with Chevron suggesting this week the close of its purchase of Hess may not happen until the second half of next year.

Exxon, a partner with Hess in Guyana, has challenged that deal and its arbitration claim should be resolved by September 2025, Mikells told Reuters in an interview.

The top U.S. oil producer raised its 2024 output target by 13 to 4.3 million barrels of oil equivalent per day…