Latest News

Exxon's $8.6 billion revenue beats as volume offsets rate weakness

Exxon Mobil on Friday beat Wall Street's 3rd quarter earnings price quote, boosted by strong oil output in its first complete quarter that consists of volumes from U.S. shale manufacturer Pioneer Natural Resources.

Oil market revenues have been squeezed this year by slowing need and weak margins on fuel and diesel. However Exxon's year-over-year revenue fell 5%, a much smaller drop than at rivals BP and TotalEnergies, which posted dramatically lower quarterly outcomes.

The U.S. oil producer reported earnings of $8.61 billion, down from $9.07 billion a year ago. Its $1.92 per share profit topped Wall Street's outlook of $1.88 per share, on higher oil and gas production and costs constraints.

We had a number of production records in the quarter, stated financing chief Kathryn Mikells, mentioning an about 25% year-on-year boost in oil and gas output, to 4.6 million barrels daily.

Exxon earlier this month had flagged operating profit likely fell, leading Wall Street analysts to shave their quarterly per share profits outlook by nearly a penny.

The outcomes consisted of Exxon's very first complete quarter of production following its acquisition in May of Pioneer Natural Resources. The $60 billion offer drove production in the leading U.S. shale basin to nearly 1.4 million barrels per day of oil and gas, helping get rid of a 17% decline in typical oil costs in the quarter ended Sept. 30.

Exxon divulged it raised its quarterly dividend by 4% after creating complimentary cash flow of $11.3 billion, well above analysts' quotes. Competitors Saudi Aramco and Chevron have actually had to borrow this year to cover shareholder returns after improving dividends and buybacks to bring in financiers.

(source: Reuters)