Exxon Mobil's Q3 earnings beat EPS but fell short on revenue, stock rises 1% pre-market

From CNBC: 2024-11-01 06:45:32

Exxon Mobil exceeded third-quarter earnings expectations, reporting $1.92 adjusted earnings per share compared to the expected $1.88. Revenues were $90 billion, falling short of the expected $93.94 billion. Net income was $8.61 billion, down 5% from the year-ago period, due to declining refining margins and natural gas prices.

The company returned $9.8 billion to shareholders and raised its fourth-quarter dividend to $0.99 per share. Exxon achieved its highest production level in over 40 years at 3.2 million barrels per day. The stock rose by 1% in pre-market trading following the earnings report.

Exxon’s profits have been impacted by lower refining margins and natural gas prices, leading to a 5% decline in net income compared to the previous year. Despite this, the company remains committed to returning value to shareholders through dividends and maintaining strong production levels. Stay tuned for more updates on this developing story.



Read more at CNBC:: Exxon (XOM) earnings Q3 2024