ExxonMobil doubles quarterly profit to $15.4 billion — OilPrice

In the United States, ExxonMobil reported a profit of $15.4 billion for the third quarter, more than double the figure for the same period a year earlier. As OilPrice reports, the results were supported by full utilization of the company’s refineries on the Gulf Coast and high diesel prices.

Refining business results

ExxonMobil’s earnings per share amounted to $3.72, while the adjusted figure was $4.23. It exceeded Wall Street expectations of $4.08 per share. Adjusted net profit reached $17.5 billion, making it one of the most profitable quarters in the company’s history.

Adjusted earnings of the energy products division amounted to $9.05 billion, compared with $4.1 billion in the second quarter. ExxonMobil’s refining units on the U.S. Gulf Coast operated at 100% utilization and delivered the second-highest diesel fuel output ever.

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Production and shareholder payouts

Distillate output at the company’s Gulf Coast facilities increased by about 40% compared with 2019. This was aided, in particular, by the $2 billion expansion of the Beaumont refinery completed in 2023. The project added 250,000 barrels per day of refining capacity.

At the same time, ExxonMobil’s adjusted earnings from its upstream business fell to $7.3 billion from $9.2 billion in the second quarter amid weaker oil prices. Production remained at about 4.5 million barrels of oil equivalent per day.

The company’s operating cash flow amounted to $25.7 billion. Shareholders received $9.4 billion through dividends and share buybacks, including $5.1 billion through share buybacks. ExxonMobil also raised dividends for the 44th consecutive year and announced plans to repurchase another $20 billion in shares in 2027.