Exxon Mobil’s third-quarter earnings dropped 12% year over year to $7.55 billion, with earnings per share at $1.76 compared to $1.92 in the previous year. Oil prices fell due to OPEC+ increasing production and concerns over tariffs and economic slowdown. U.S. crude oil prices have declined by 16% this year.

Despite the decrease in earnings, Exxon posted adjusted earnings per share of $1.88. The company’s revenue for the quarter was $85.3 billion, falling short of the expected $87.7 billion. CEO Darren Woods highlighted strong performances in offshore assets in Guyana and the Permian Basin.

Exxon’s production business earned $5.68 billion, while refining business profits reached $1.8 billion. The chemicals business saw earnings of $515 million. The company’s capital expenditures for the year stand at $21 billion, with 2025 spending expected to be slightly below the $27 billion to $29 billion guidance range.

In the quarter, Exxon returned $9.4 billion to shareholders and raised its fourth-quarter dividend to $1.03 per share. Despite challenges, the company continues to invest in production and maintain strong shareholder returns.

Read more at CNBC: Exxon Mobil (XOM) third quarter 2025 earnings