Exxon Mobil (NYSE:XOM) shares were in the green to begin Friday and November, as the oil giant announced it had beaten third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades.
Earnings per share came in at $1.92 adjusted, vs. $1.88 per share expected, on revenues of $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 historically high levels in 2023.
Cash flow from operating activities was $17.6 billion and free cash flow was $11.3 billion. Capital and exploration expenditures were $7.2 billion in the third quarter, bringing year-to-date 2024 expenditures to $20 billion, in line with the company’s full-year guidance of $28 billion.
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 96 cents in early Friday trading to $117.74. Exxon shares have gained 16.8% this year.
