• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 9 hours The Political Debacle: Brexit delayed
  • 12 hours Trump sells out his base to please Wallstreet and Oil industry
  • 11 hours No Mercy: EU Fines Google $1.7 billion For Abusing Online Ads Market
  • 12 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 19 hours Tidal Power Closer to Commercialisation
  • 9 hours New Rebate For EVs in Canada
  • 20 hours Will Trump Cave Again
  • 21 hours Solar to Become World's Largest Power Source by 2050
  • 3 hours Trump Tariffs On China Working
  • 11 hours Biomass, Ethanol No Longer Green
  • 2 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 1 day Oil stocks are heating up again! What's on your Watchlist?
Trump Will Eventually Overpower Maduro

Trump Will Eventually Overpower Maduro

The Maduro government of Venezuela…

Italy Turns Its Back On Russian Gas

Italy Turns Its Back On Russian Gas

Russia’s influence on European gas…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Higher Oil Prices Help Exxon Beat Q3 Forecasts Despite Harvey

Permian rig

Driven by higher commodity prices, third-quarter earnings of ExxonMobil (NYSE:XOM) jumped 50 percent annually and beat analyst expectations, despite the fact that Hurricane Harvey dented some of the profits.

Exxon reported on Friday earnings of $0.93 per diluted share for Q3, up by 48 percent from the $0.63 EPS for the third quarter last year, as commodity prices improved and performance in the upstream and downstream divisions strengthened. Impacts related to Hurricane Harvey reduced earnings by an estimated 4 cents per share, Exxon said.

The third-quarter EPS beat the analyst consensus of $0.86.

Exxon’s revenues rose to $66.165 billion for Q3 2017, from $58.677 billion for the same period last year.

Cash flow—the metric on which all of Big Oil and industry analysts are fixated—also significantly increased in Q3 this year compared to the prior year period. Exxon’s cash flow from operations and asset sales rose to $8.4 billion from $6.3 billion, while net cash flow from operations jumped to $7.5 billion in Q3 2017 from $5.3 billion in Q3 2016.

“A 50 percent increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability,” said Darren Woods, chairman and chief executive officer. “For the fourth-consecutive quarter, we generated cash flow from operations and asset sales that more than covered our dividends and net investments in the business,” Woods noted.

Related: Saudi Arabia To Move Beyond Oil And Islam

That said, Exxon’s Q3 dividends per share of $0.77 rose by 2.7 percent compared to the third quarter last year. Capital and exploration expenditures rose 43 percent annually to $5.987 billion in Q3 2017.

Oil-equivalent production increased by 2 percent on the year, to 3.9 million bpd in the third quarter of 2017.

In the upstream segment, Exxon’s earnings jumped by $947 million on the year to $1.6 billion in the third quarter of 2017, mostly due to higher commodity prices. Despite the impact of Hurricane Harvey, downstream earnings increased by $303 million to $1.5 billion, thanks to higher refining margins.

At 11:30 a.m. EDT on Friday, Exxon was up .62 percent at $83.98 on the NYSE.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News