Exxon Mobil Corporation (NYSE:XOM) shares are trading higher after the company reported third-quarter results.
Total revenues and other income stood at $90.016 billion, missing the consensus of $93.938 billion.
Net production stood at 4,582 thousand oil-equivalent barrels per day, an increase of 5% from the previous quarter, driven by increased volumes from Pioneer assets.
Read: Exxon Mobil Q3 Preview: Will Rising Production, Cost Cuts Boost Earnings?
Adjusted net profit came in at $8.61 billion, down from $9.24 billion in the prior quarter. Adjusted EPS stood at $1.92, beating the consensus of $1.88.
Exxon's capital and exploration expenditures stood at $7.16 billion in the third quarter, bringing year-to-date 2024 expenditures to $20 billion, in line with the company's full-year guidance of $28 billion.
This month, ExxonMobil and HELLEniQ ENERGY completed Phase 1 of offshore Crete exploration, gathering 7,789 km of seismic data.
Cost Reduction: The company achieved a cumulative structural cost savings of $11.3 billion versus 2019, including an additional $1.6 billion of savings during the year and $0.6 billion during the quarter.
The company plans to deliver cumulative savings totaling $15 billion through the end of 2027 versus 2019.
Dividend Boost: Exxon raised its dividend per share by 4% to $0.99 from $0.95 per share, payable on December 10, to shareholders of record as of November 14.
The company's year-to-date shareholder distributions totaled $26.1 billion, comprising $12.3 billion in dividends and $13.8 billion in share repurchases.
Darren Woods, chairman and chief executive officer, said, "Our industry-leading results continue to demonstrate how our enterprise-wide transformation is improving the structural earnings power of the company."
"In the Upstream, we've doubled the profitability of the barrels we produce on a constant price basis. In Product Solutions, we've high-graded our refining footprint and increased high-value product sales."
Investors can gain exposure to XOM via EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).
Price Action: XOM shares are up 2.07% at $119.20 premarket at the last check Friday.
Photo: Del Henderson Jr. via Shutterstock
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