Exxon Mobil Exceeds Profit Forecasts in the Third Quarter – Misses Revenue Targets

The US energy giant Exxon Mobil was able to positively surprise market analysts with its earnings figures in the third quarter, despite revenues falling short of expectations. With an earnings per share of $1.92, the company exceeded the consensus estimate of $1.89, which investors welcomed. Despite an impressive performance, quarterly revenue amounted to $90.02 billion, falling below the expected $94.24 billion. Nonetheless, this led to a rise in Exxon shares by about 1% in pre-market trading on Friday. Exxon’s investments in capital and exploration reached $7.2 billion in the third quarter, bringing the total to $20 billion for the year 2024 so far, putting the company on track to achieve its annual target of $28 billion. Additionally, Exxon reported an operating cash flow of $17.6 billion and a free cash flow of $11.3 billion. Darren Woods, Chairman and CEO of Exxon Mobil, emphasized the successful completion of one of the strongest third quarters of the last decade, attributing it to the company-wide transformation that has enhanced the structural earnings power of the company. Furthermore, Exxon raised the quarterly dividend by 4.2% to $0.99 per share, which is likely to give investors additional confidence.