Exxon Mobil reported third-quarter adjusted earnings of $8.1 billion, beating expectations of $1.88 per share, up from $7.1 billion in Q2. Despite lower oil prices, production increased to 4.8 million boe/d, with record output in Guyana and Permian Basin. Free cash flow declined to $6.3 billion due to increased spending on Permian acreage.

The company raised its dividend by 4% to $1.03 per share and plans to complete $20 billion in share buybacks this year. Upstream profits rose to $5.7 billion, while refining contributed $1.8 billion. CEO Darren Woods emphasized long-term investments amidst market volatility and the need for increased production capacity.

Exxon is lifting force majeure on its $30 billion LNG project in Mozambique as security conditions improve, following TotalEnergies’ restart of a neighboring project. The company is balancing expansion and discipline, focusing on growth in Guyana, Permian, and LNG projects while maintaining capital discipline and shareholder returns.

The third-quarter results show Exxon’s commitment to long-term growth in key areas like Guyana and the Permian Basin, while keeping a tight rein on capital spending and ensuring shareholders receive returns. Despite market fluctuations, Exxon remains focused on strategic investments for the future.

Read more at Yahoo Finance: Exxon Crushes Q3 Forecasts on Record Guyana and Permian Output