ExxonMobil beat third-quarter earnings estimates as the oil major reached its highest liquids production level in more than 40 years.
“This is one of the best third quarters in the last 10 years,” Exxon CEO Darren Woods said Friday on CNBC’s “Squawk Box.” “Upstream, record volumes are being produced from favorable assets such as Guyana and the Permian.”
what is this exxon Here’s how Q3 reported compared to Wall Street expectations, based on a survey of analysts by LSEG:
Earnings per share: $1.92 adjusted, $1.88 expected. Revenue: $90 billion, expected $93.94 billion
The oil giant’s net income for the quarter was $8.61 billion, or $1.92 per share, down about 5% from $9.1 billion, or $2.25 per share, a year earlier. Exxon’s profits declined as refining margins and natural gas prices retreated from historic highs in 2023. Sales fell less than 1% to $90 billion.
The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to 99 cents per share.
Exxon announced that production reached 3.2 million barrels per day, the highest level in more than 40 years.
The oil major’s stock price rose slightly in morning trading. Exxon stock has risen 18% this year.
