ExxonMobil posts record quarterly profits

ExxonMobil reported $19.7bn in third-quarter net profits, almost triple the $6.8bn it earned a year earlier and a sharp turnaround from two years ago.

The Texan firm cited "strong volume performance" and "rigorous cost control" for its improved quarterly performance.

Exxon also increased its quarterly dividend by 3% to $0.91 per share and hinted that dividends will total $15.0bn in 2022 and said it plans to buy back $30.0bn in shares over the next two years. Capital expenditure on its business was expected to total approximately $23.0bn this year, lower than pre-pandemic spending levels.

As of 1500 BST, Exxon shares were down 0.19% at $107.55 per share.

Reporting by Iain Gilbert at Sharecast.com