Exxon's Q3 Surprise: Big Production, Lower Profits

Exxon Mobil just had a quarter to remember, but not everything is rosy. The oil giant hit a production high not seen in over four decades, pumping out 3. 2 million barrels of liquids daily. However, profits took a dip, falling about 5% compared to the same time last year. Why? Blame it on refining margins and natural gas prices that have cooled off from their highs in 2023. Despite the earnings drop, Exxon still managed to beat Wall Street's expectations. The company reported earnings per share of $1. 92, slightly above the projected $1. 88. Revenues, on the other hand, came in a bit lower than anticipated, standing at $90 billion instead of the expected $93. 94 billion.

"This quarter has been one of our best in the past decade, " Exxon's CEO Darren Woods shared on CNBC's Squawk Box. He highlighted record volumes from key areas like Guyana and the Permian. These "advantage assets" are proving to be real game-changers for the company. Exxon isn't just focusing on production; it's also giving back to shareholders. In the third quarter alone, the company returned a whopping $9. 8 billion to its investors. Plus, it's upping its dividend for the fourth quarter to $0. 99 per share. Even with the slight profit decline, Exxon's stock saw a 1% boost in pre-market trading. Year-to-date, the company's shares have gained about 16. 8%. This story is still developing, so keep an eye out for more updates.

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