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**ExxonMobil Earnings Dip, But Beat Estimates on Permian, Guyana Production**

**HOUSTON –** ExxonMobil reported second-quarter earnings on Friday that declined 23% compared to the same period last year, with net income falling to $7.1 billion, or $1.64 per share, from $9.2 billion, or $2.14 per share, in 2022. However, the oil giant still managed to surpass Wall Street expectations, buoyed by strong production growth in the Permian Basin and Guyana.

The company’s total production reached 4.6 million barrels per day, the highest second-quarter output since the Exxon and Mobil merger over 25 years ago. Production in the Permian Basin, a key growth area for Exxon, hit a record 1.6 million barrels per day.

While the production business profit dropped to $5.4 billion due to lower oil prices, Exxon’s refining business saw a significant boost, booking $1.37 billion in earnings globally, up 44% from $946 million in the prior year, driven by higher refining margins.

ExxonMobil continues to reward shareholders, paying out $9.2 billion in the quarter, including over $4 billion in dividends and $5 billion in share repurchases. The company remains on track to repurchase $20 billion of shares this year.

The oil major has also been focused on cost reductions, achieving $1.4 billion in savings this year and $13.5 billion since 2019. ExxonMobil is targeting an additional $4.5 billion in cost cuts by the end of 2027.
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**Summary of the Text**

ExxonMobil’s second-quarter earnings decreased year-over-year but exceeded analyst expectations. This was primarily due to lower oil prices, although increased production in the Permian Basin and Guyana partially offset the impact. The company saw a boost in refining profits while focusing on shareholder returns and cost reductions.

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