Exxon Mobil Corporation (NYSE:XOM) is targeting more cost savings after hitting its $9.0 billion ahead of schedule.
The Texas oil giant made the announcement alongside third-quarter results which showed earnings rose to $9.07 billion in the three months ended September 30, from $7.88 billion in the previous quarter, although they were more than halved from the $19.66 billion reported a year ago.
Exxon said the quarter showed a strong operating performance, including record third-quarter refining throughput as well as a higher crude price and industry refining margin environment.
These factors were partly offset by weaker chemical margins, it added.
EPS for the quarter totalled $2.25, up from $1.94 in the prior quarter, but down from $4.68 last year.
Exxon said it achieved $9.0 billion of cumulative structural cost savings versus 2019, ahead of schedule, with further savings expected by year-end.
The firm has shed 13,000 jobs, around 17% of its global workforce, sold operations and shifted corporate headquarters in the past four years to hit this target.
Exxon said full-year capital and exploration expenditures are expected to be at the top end of the guidance of $23 billion to $25 billion as the company pursues value accretive opportunities.
“We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent barrels per day to support global supply,” said Darren Woods, chairman and chief executive officer.
Woods said the acquisitions of Pioneer Resources and Denbury “underscore our ongoing commitment to the 'and' equation by continuing to meet the world's needs for energy and essential products while reducing emissions.”
Exxon declared a fourth-quarter dividend of $0.95 per share.