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ExxonMobil Q3 profit falls compared with last year’s record

AP – ExxonMobil’s third-quarter profit declined compared with last year when the oil giant was put up record numbers due to soaring crude prices, but net income was up 15 per cent compared with the previous quarter. It also raised its quarterly dividend.

Those lofty crude prices have fuelled a shopping spree this year as Exxon acquired pipeline operator Denbury, the beneficiary of changes in United States climate policy, for USD4.9 billion in July, and then a few weeks ago said it would buy Pioneer for USD60 billion.

Exxon isn’t alone. Earlier this week, Chevron said it would spend more than USD50 billion to acquire Hess. Exxon Mobil Corp earned USD9.07 billion, or USD2.25 per share in the period. That compares with USD19.66 billion, or USD4.68 per share, a year earlier.

Removing certain items, earnings were USD2.27 per share.

Analysts polled by Zacks Investment Research predicted higher earnings of USD2.36 per share, but Exxon does not adjust its reported results based on one-time events such as asset sales as most companies do.

Revenue slipped to USD90.76 billion from USD112.07 billion, but still topped Wall Street’s estimate of USD89.29 billion.

Production dipped 0.8 per cent to 3,688 thousand oil-equivalent barrels per day.

Exxon said it delivered its best ever third-quarter global refinery throughput at 4.2 million barrels per day.

“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,” Chairman and Chief Executive Officer Darren Woods said.