Record-Breaking Production Fuels Exxon Mobil’s Strong Q3 Earnings
Oil Giant Defies Expectations with Highest Liquids Output in Over 40 Years
Exxon Mobil has shattered third-quarter earnings expectations, driven by its highest liquids production level in more than four decades. The oil major’s impressive performance has sent its stock soaring, with shares rising about 1% in pre-market trading.
Earnings Breakdown: Exxon Mobil vs. Wall Street Expectations
Exxon Mobil reported net income of $8.61 billion in the quarter, or $1.92 per share, slightly below last year’s $9.1 billion, or $2.25 per share. Despite a 5% decline in profits, the company’s earnings still exceeded analyst expectations.
Refining Margins and Natural Gas Prices Impact Profits
The oil major’s profits have been affected by the decline in refining margins and natural gas prices, which have retreated from historically high levels in 2023. However, Exxon Mobil’s strong production levels have helped mitigate the impact of these declines.
Shareholder Returns and Dividend Increase
Exxon Mobil returned a substantial $9.8 billion to shareholders in the quarter and announced a dividend increase to $0.99 per share for the fourth quarter. This move demonstrates the company’s commitment to rewarding its investors.
A New Production Milestone
Exxon Mobil has reached a significant milestone, achieving its highest liquids production level in over 40 years at 3.2 million barrels per day. This impressive output has positioned the company for continued success in the energy sector.
Year-to-Date Performance
Exxon Mobil’s shares have gained an impressive 16.8% this year, driven by its strong operational performance and commitment to shareholder returns. As the company continues to execute its strategy, investors can expect further growth and returns.
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