Earnings

Exxon earnings beat, increases fourth-quarter dividend

In this article

An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023.
Michael M. Santiago | Getty Images

Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest production level in more than four decades.

Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
  • Revenues: $90 billion, vs. $93.94 billion expected

The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from from historically high levels in 2023.

The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share.

Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.

The oil major’s stock rose about 1% in pre-market trading.

This is a developing story. Please check back for updates.

Articles You May Like

Retail returns: An $890 billion problem
Number of 401(k) plan and IRA millionaires hits record, with more millennials joining the ranks
More Americans are living in malls, as developers get creative to help ease the housing crisis
GM expects more than $5 billion impact from China restructuring, including plant closures
Prescription fills for weight loss drugs Zepbound and Wegovy more than doubled in 2024, GoodRx says

Leave a Reply

Your email address will not be published. Required fields are marked *