Exxon Shines As Strong Q3, Decades-High Production And Dividend Boost Turns Retail Heads

Shares of Exxon Mobil Corp ($XOM) gained nearly 2% in Friday’s pre-market session after the company’s third-quarter earnings beat Wall Street expectations and production rose to the highest level in 40 years.

Exxon reported earnings per share (EPS) of $1.92 versus an estimated $1.88. However, net income fell to $8.67 billion compared to $9.07 billion in the same quarter a year ago.

The company said it achieved its highest liquids production in over 40 years at 3.2 million barrels per day.

Revenue came in at $90 billion compared to an estimate of $93.94 billion. The company returned $9.8 billion to shareholders during the quarter and raised its fourth-quarter dividend to $0.99 per share.

CEO Darren Woods highlighted that the company has achieved $11.3 billion of structural cost savings since 2019.

“Our strategy is delivering leading returns of 20% so far this year for our shareholders, and we are continuing that growth with a 4% increase in our quarterly dividend payment announced today. We’ve now increased our annual dividend for 42 years in a row, a claim that less than 4% of the S&P 500 companies can make,” he said.

From a segmental basis, Upstream earnings came in at $6.2 billion, down by $916 million from the second quarter driven by lower crude realizations and higher exploration expenses, but partly offset by production.

Energy Products’ earnings increased $0.4 billion sequentially to $1.3 billion.

The Chemical Products segment saw its best quarterly earnings in over two years at $893 million driven by improved margins from lower North America feed costs and growth in high-value product sales.

Following the earnings announcement, Stocktwits followers were mostly optimistic on the stock.

Also See: Intel Stock Rises Pre-Market On Better-Than-Feared Q3: But Retail’s Unimpressed With Biggest Quarterly Loss Ever

For updates and corrections email newsroom@stocktwits.com

Share

·

Add us on