Exxon posts $9.1 billion net, down from year-ago, up 15% from 2Q
27/10/2023 11:31
By Sabrina Valle
HOUSTON, Oct 27 (Reuters) - Exxon Mobil Corp XOM.N on
Friday posted a $9.1 billion third-quarter profit, an about 54%
drop from record earnings a year ago but up from the prior
quarter as oil prices recovered.
Earnings at the largest U.S. oil producer have benefited
from strong crude oil prices and demand for gasoline and diesel
following the pandemic. Wall Street this month trimmed its
third-quarter outlook after the company pointed to weaker
chemical profits and refining margins.
Its bouyant results has led to two all-stock deals: for
shale rival Pioneer Natural Resources and for carbon pipeline
operator Denbury, both struck as shares traded near an all-time
record.
Third quarter profit was $2.25 a share compared to $4.68 in
the same quarter a year ago when oil and gas prices climbed
following Russia's invasion of Ukraine.
The latest quarter's results benefited from global oil
prices that averaged $85.92 per barrel in the quarter, from
$77.73 in the second quarter, according to LSEG data.
Results were aided by higher oil and fuel prices, but damped
by its chemical business, which was hurt by higher raw materials
costs.
Its cash reserves continued to build, up by 10% over the
second quarter's to $33 billion.
"We feel really good about our cash balance," said Chief
Financial Officer Kathryn Mikells said in an interview. "It puts
us in a good position to ultimately ensure we have the
flexibility we need when eventually the commodity cycle turns
against us."
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Exxon 3Q profits to climb from last quarter on higher prices
https://www.reuters.com/markets/commodities/exxon-mobil-expects-third-quarter-oil-earnings-grow-2023-10-04
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(Reporting by Sabrina Valle)
((sabrina.valle@tr.com; Twitter: @sabrinavalle;))