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Exxon Beats Expectations as Pioneer Deal Fuels Record Output
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. Arch-rival Chevron Corp. missed its earnings estimates on weaker refining and an outage at its Australian liquefied natural gas operations, ... (full story)