Exxon Mobil Corp (NYSE:XOM, ETR:XONA) reported mixed results for the third quarter, with profit ahead of expectations but revenue falling short.
Profits were $8.6 billion or $1.92 per share, above estimates of $1.91.
Revenue of $90.02 billion missed the consensus of $94.24 and marked a slight decline from $90.76 billion in the year-ago quarter.
The company achieved its highest liquids production in over 40 years at 3.2 million barrels per day and recorded a 10% increase in high-value product sales volumes.
Year-to-date earnings decreased to $26.1 billion compared to $28.4 billion in 2023, driven by lower refining margins and natural gas prices, partially offset by strong production growth from key assets.
Capital and exploration expenses were $7.2 billion in Q3, marking $20 billion in the year-to-date which is in line with the company’s guidance of $28 billion.
“We delivered one of our strongest third quarters in a decade,” Exxon CEO Darren Woods commented.
The company declared a fourth quarter dividend of $0.99 per share, up 4%.
Woods noted that the company has increased its annual dividend for 42 years in a row, “a claim that less than 4% of the S&P 500 companies can make.”
Shares of Exxon traded higher post-earnings, adding 0.7% at about $117.