Exxon Mobil posts $7.55B Q3 profit driven by strong Guyana and Permian output; Chevron also tops earnings forecasts despite lower revenue.
Exxon Mobil reports $7.55 billion Q3 profit as Guyana and Permian Basin production hit record highs (Photo: File)
WASHINGTON DC: Exxon Mobil reported a strong third-quarter performance Friday, bolstered by strong Guyana and Permian Basin production. Exxon earned $7.55 billion, or $1.76 per share, for the period ended Sept. 30. Removing one time costs and benefits, earnings were $1.88 per share, which topped the $1.81 per share that Wall Street was looking for, according to a survey by Zacks Investment Research. Exxon does not adjust its reported results based on one-time events such as asset sales. Revenue totaled $85.29 billion, which was short of the $86.77 billion that analysts had projected.
Third-quarter net production was 4.7 million oil-equivalent barrels per day. That was an increase of 1.1 million oil-equivalent barrels per day when compared with the second quarter. Guyana production topped 700,000 barrels per dayin the quarter. The Permian Basin set a production record of almost 1.7 million oil-equivalent barrels per day.
Also on Friday, Chevron reported third-quarter earnings of $3.54 billion, or $1.82 per share. Earnings, adjusted for pretax expenses, were $1.85 per share. The results surpassed Wall Street expectations , with analysts surveyed by Zacks Investment Research expecting earnings of $1.66 per share. Chevron's revenue totaled $49.73 billion, falling short of Wall Street's estimate of $53.58 billion.
Oil prices spiked last week after the US. announced massive new sanctions on Russia's oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow's brutal war on Ukraine. Oil prices have been relatively low for the past few years and in mid-October the cost for a barrel of U.S. benchmark crude fell below $57, its lowest level since early 2021. The price for a barrel of U.S. benchmark crude did rise near $79 a barrel early this year, just before President Donald Trump took office, a price not necessarily considered outrageously elevated by most analysts.
