Jed Clampett lives!

By Gary S. Vasilash

ExxonMobil announced its Q2 earnings last week, which includes both a 12% year-over-year revenue increase (to $90.06 billion) and a 17% profit increase (to $9.24 billion).

And what is more interesting: It recorded its highest production of oil in the company’s history: 4.4 million oil-equivalent barrels per day. That’s up 15% compared with Q1.

In reporting its numbers, the company states it is working with Air Liquide on achieving the capacity to produce “virtually carbon-free hydrogen” that will be used for industrial customers, not fuel cell vehicles.

It is working with a major fertilizer and ammonia producer, CF Industries, for a carbon capture and storage arrangement.

It has a company named Proxxima that takes “lower-value” gasoline molecules and transforms them into a high-performance thermoset resin, which can be used to build composite structures.

And there is a Carbon Materials operation that it hopes will turn “low-value, carbon-rich feeds from the company’s refining processes” into things like carbon fiber and polymer additives.

What isn’t here?

Anything in the way of a transition to electric vehicles.

But the company did note it has signed a non-binding memorandum of understanding with battery company SK On for up to 100,000 metric tons of lithium over multiple years from a “planned” lithium project in Arkansas.

Clearly the company is still knee-deep in oil and it doesn’t seem that that is going to change anytime soon.