Integrated energy major ExxonMobil is seeing bottom-line gains by simplifying and standardizing operations, a strategy that should continue to benefit the global natural gas and oil operations, CEO Darren Woods said Friday.
“Overall, market conditions were softer in the second quarter,” he said during the second quarter conference call. Natural gas prices continued to slump but “oil prices remained firm.”
Natural gas traded at Waha averaged negative 53.7 cents/MMBtu during 2Q2024, down from $1.502 in the year-ago period, according to NGI’s Daily Historical Data. Prices at the benchmark for the Permian Basin, where ExxonMobil saw production jump year/year from its merger with Pioneer Natural Resources Co., have remained suppressed at negative 14.0 cents as of Monday (Aug. 5).