Exxon Mobil Corp (NYSE: XOM) reported record-breaking net profit on Friday at $19.66 billion, or $4.68 per share, assuming dilution—smashing analyst estimates for the quarter.
The U.S. oil major saw a boost in earnings from natural gas, as well as higher oil prices and robust fuel sales.
Exxon’s capital and exploration expenditures for the quarter were $5.7 billion, bringing the total investments this year to $15.2 billion—well on track to meet its investment guidance for the year of between $21 billion and $24 billion.
“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today,” CEO Darren Woods said. “The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers. Rigorous cost control and growth of higher-margin petroleum and chemical products also contributed to earnings and cash flow growth in the quarter. At the same time, we are expanding our Low Carbon Solutions business with the signing of the largest-of-its-kind customer contract to capture and permanently store carbon dioxide, demonstrating our ability to offer competitive emission-reduction services to large industrial customers around the world.”
Exxon’s Q3 net profit of $19.66 billion compares with last quarter’s $17.9 billion, or $4.21 per share, which was quadruple that seen in Q2 2021, and triple the earnings from the first quarter of this year.
Exxon said in a trading statement earlier this month that the increase in natural gas prices had more than offset the decrease in crude oil prices, leading analysts to increase their estimates.
Exxon added 2.2% in premarket trading.
Its U.S. peer, Chevron, also reported on Friday, beating analyst estimates with its second-highest quarterly profit ever of $11.2 billion, or $5.78 per share.
By Julianne Geiger for Oilprice.com
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