ExxonMobil weighed down by refining in the 3rd quarter

ExxonMobil weighed down by refining in the 3rd quarter
ExxonMobil weighed down by refining in the 3rd quarter

ExxonMobil published third-quarter results down year-on-year on Friday. The American giant has suffered from lower refining margins and falling natural gas prices from their historically high level in 2023.

It nevertheless exceeded analysts’ expectations with its net profit of 8.61 billion dollars (7.45 billion francs), for a FactSet consensus of 8.28 billion. But it came in below with a turnover of 90 billion dollars, when analysts expected 93.98 billion.

Per share and excluding exceptional items, a benchmark for the markets, net profit came to $1.92 when the consensus was expecting $1.88.

The group reported in a press release a decline of 3.9 billion in its margins compared to their level in the third quarter of 2023, but an improvement of almost 3.3 billion dollars due to the increase in volumes.

ExxonMobil ‘achieved the largest production of liquids in more than forty years with 3.2 million barrels per day’, he noted.

According to boss Darren Woods, the group has ‘doubled the profitability of barrels produced, with a constant price base’ since 2019 in the exploration-production branch (upstream).

Another notable element of the quarter: a reduction in structural costs of 600 million, bringing the total to 11.3 billion since 2019 with the objective of reaching 15 billion by the end of 2027.

The hydrocarbon giant also returned $9.8 billion to its shareholders between July and September. Since the start of the year, the total has reached 26.1 billion, including 12.3 billion in the form of dividends and 13.8 billion in share buybacks.

It plans to repurchase $19 billion worth of shares over the entire financial year.

In electronic trading before the opening of the New York Stock Exchange, ExxonMobil shares rose 1.86%.

/ATS


Canada

-

-

PREV Dilapidation of high schools in 93: a window collapses on
NEXT “I’m a night nurse and this is how much I earn”