By:Egyptoil-gas

ExxonMobil reported earnings of $1.92 per share for Q3 2024, surpassing analysts’ expectations of $1.88 per share. Although their year-to-date earnings decreased to $26.1 billion from $28.4 billion last year due to lower refining margins and natural gas prices, they offset this decline with record high liquids production and increased high-value product sales.

“We delivered one of our strongest third quarters in a decade,” said Darren Woods, chairman and CEO. “Our industry-leading results demonstrate how our enterprise-wide transformation is improving the structural earnings power of the company. In the Upstream, we’ve doubled the profitability of the barrels we produce on a constant price basis.”

Exxon pumped a record 4.6 million barrels of oil equivalent per day (boepd) in the third quarter, up more than 24% from a year ago, as its $60 billion bet on Pioneer Natural Resources and purchase of Denbury paid off.

“In Product Solutions, we’ve high-graded our refining footprint and increased high-value product sales. Across the company, we’ve achieved $11.3 billion of structural cost savings since 2019,” Woods added.

ExxonMobil has delivered record high-value product sales volumes for Product Solutions, up 10% year-to-date. Moreover, the company returned $9.8 billion to shareholders in the quarter and increased the fourth-quarter dividend to $0.99 per share.

“Our strategy is delivering leading returns of 20% so far this year for our shareholders, and we continue that growth with a 4% increase in our quarterly dividend payment,” Woods noted.