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Exxon earned $8.6 billion, or $1.92 per share, for the three
months ended Sept. 30. A year earlier the Spring, Texas-based
company earned $9.07 billion, or $2.25 per share.
The performance topped Wall Street's expectations, though Exxon
does not adjust its reported results based on one-time events
such as asset sales. Analysts surveyed by Zacks Investment
Research were calling for earnings of $1.91 per share.
Shares rose nearly 2% before the market open on Friday.
Revenue totaled $90.02 billion, falling short of Wall Street's
estimate of $93.51 billion.
Exxon’s net production reached 4.6 million oil-equivalent
barrels per day during the third quarter, an increase of 5%
compared with the previous quarter.
Oil prices have been falling recently after a retaliatory strike
by Israel on Iran targeted military sites rather than the
oilfields of the world’s seventh largest producer of crude. The
long-term expectation is for oil prices to move lower, not
higher. That’s because the balance between supply and demand has
tilted toward supply, a dynamic that typically deflates oil
prices.
Exxon announced in July 2023 that it would pay $4.9 billion for
Denbury Resources, an oil and gas producer that has entered the
business of capturing and storing carbon and stands to benefit
from changes in U.S. climate policy.
Three months later it said it would spend $60 billion on shale
operator Pioneer Natural Resources. That deal received clearance
from the Federal Trade Commission in May.
Exxon raised its quarterly dividend by 4%.
Also on Friday, Chevron Corp. reported an adjusted profit of
$2.51 per share on revenue of $50.67 billion. Wall Street was
looking for a profit of $2.47 per share on revenue of $49.88
billion. Similar to Exxon, Chevron does not adjust its reported
results based on one-time events such as asset sales.
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