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Key Takeaways
- ExxonMobil Corp.’s third-quarter revenue plunged from final yr’s all-time excessive for the interval on drops in oil and pure gasoline worth realizations.
- The corporate posted probably the most refinery throughputs for the reason that merger of Exxon and Mobil in 1999.
- ExxonMobil boosted its quarterly dividend to 95 cents from 91 cents.
ExxonMobil Corp.’s (XOM) third-quarter revenue fell by greater than half of its file excessive final yr on a decline in oil and gasoline worth realizations, though the corporate’s refineries had the very best throughput for any third quarter since 1999. The corporate additionally boosted its quarterly dividend.
The vitality big earned $9.07 billion within the interval, a 54% drop from the identical quarter in 2022. Earnings per share (EPS) got here in at $2.27, under analysts’ forecasts. Income slid 19% to $90.76 billion.
ExxonMobil mentioned that the revenue hunch was pushed by an almost 60% reduce in pure gasoline worth realizations and 14% lower in oil worth realizations. The corporate additionally reported a 69% plunge in earnings from its chemical merchandise division due to increased feedstock costs and as business provide outpaced demand. Nevertheless, refinery throughput rose to 4.2 million barrels a day, probably the most since Exxon merged with Mobil 24 years in the past.
Chief Govt Officer (CEO) Darren Woods mentioned the corporate delivered “sturdy operational efficiency, earnings, and money flows.” He added that ExxonMobil’s purchases within the quarter of Pioneer Pure Assets Co. (PXD) for $59.5 billion, and Denbury Inc. (DEN) for $4.9 billion “will strengthen our portfolio and place us to ship worthwhile progress and enticing returns for a few years to come back.”
The corporate elevated its quarterly dividend to 95 cents per share from 91 cents per share, noting it has raised its annual dividend for 41 consecutive years.
ExxonMobil shares declined greater than 2% in early buying and selling on Friday, and had been down 1% year-to-date.
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