ExxonMobil Q3 profits fall from record highs

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Natural gas giant ExxonMobil saw profits fall in the three months ended 30 September but still opted to raise its interim dividend amid heightened crude prices.

Exxon Mobil Corp.

$106.40

11:09 24/12/24

0.09%

$0.10

ExxonMobil earned $9.07bn, or $2.25 per share in the period, down from the record-breaking $19.66bn, or $4.68 per share it pulled in a year earlier. Removing certain items, earnings came in at $2.27 per share but were still short of expectations for $2.36 per share.

Quarterly revenues dropped from $112.07bn to $90.76bn but were ahead of Wall Street estimates of $89.29bn. Production was 0.8% lower at 3.68m oil-equivalent barrels per day.

However, Exxon noted that it had delivered its best-ever third-quarter global refinery throughput at 4.2m barrels per day.

On the back of the results, ExxonMobil raised its fourth-quarter dividend to $0.95 per share from $0.91 per share.

CEO Darren Woods said: "We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent barrels per day to support global supply."

As of 1420 BST, Exxon shares were up 0.37% in pre-market at $108.00.

Reporting by Iain Gilbert at Sharecast.com