Exxon Reports Leaner Earnings in Second Quarter

The Numbers

Exxon’s revenue declined in the latest quarter, to $82.9 billion from $115.7 billion a year earlier. The company reported earnings per share of $1.94, compared with $4.21 in the second quarter last year.

Exxon’s reduced profit is relative to the unusual level achieved in a roiled energy market a year ago. It is higher than the second-quarter profit of $4.7 billion in 2021.

Other energy companies have also reported declining income. Chevron, the second-largest American oil company, said on Sunday that its second-quarter income was $6 billion, down from $6.6 billion in the first quarter and nearly a 50 percent decline from a $11.6 billion profit in the second quarter of last year.

Shell, the largest European energy company, on Thursday announced a second-quarter profit of $5.07 billion, down 56 percent from last year.

Notable: Record production in the Permian Basin and in Guyana.

Darren Woods, Exxon’s chief executive, said on a conference call with investment analysts that he was pleased with the results, pointing out that the company’s earnings were nearly twice what…