 |
Louisiana Light • 6 days | 86.99 | -0.61 | -0.70% | ||
|
Bonny Light • 10 days | 86.00 | -0.62 | -0.72% | ||
|
Opec Basket • 5 days | 87.06 | -0.37 | -0.42% | ||
|
Mars US • 248 days | 76.40 | -1.43 | -1.84% | ||
|
Gasoline • 10 mins | 2.534 | -0.025 | -0.97% |
|
Bonny Light • 10 days | 86.00 | -0.62 | -0.72% | ||
|
Girassol • 10 days | 87.27 | -0.38 | -0.43% | ||
|
Opec Basket • 5 days | 87.06 | -0.37 | -0.42% |
|
Peace Sour • 4 hours | 75.96 | -0.72 | -0.94% | ||
|
Light Sour Blend • 4 hours | 78.41 | -0.72 | -0.91% | ||
|
Syncrude Sweet Premium • 4 hours | 83.01 | -0.72 | -0.86% | ||
|
Central Alberta • 4 hours | 76.41 | -0.72 | -0.93% |
|
Eagle Ford • 5 days | 80.36 | +1.07 | +1.35% | ||
|
Oklahoma Sweet • 5 days | 80.50 | +1.25 | +1.58% | ||
|
Kansas Common • 6 days | 73.00 | -0.75 | -1.02% | ||
|
Buena Vista • 5 days | 90.42 | +1.07 | +1.20% |
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Exxon Misses Profit Forecast Despite Strong Refining Business
Record refinery throughput and higher oil prices raised ExxonMobil’s (NYSE: XOM) earnings for the third quarter compared to the second quarter, but the profit missed Wall Street expectations anyway.
Exxon reported on Friday earnings of $9.1 billion for the third quarter, compared with second-quarter earnings of $7.9 billion. The higher quarter-on-quarter profit was the result of strong operating performance, including record third-quarter refining throughput, as well as a higher crude price and industry refining margins. These factors were partly offset by weaker chemical margins, unfavorable derivative mark-to-market impacts, and trading timing effects that are expected to unwind over time, Exxon said.
Earlier this month, Exxon already announced it expects a $2.1 billion boost to its Q3 profits from higher oil prices and robust refining margins, only partially offset by a fall in profits in the chemicals segment.
In the third quarter, Exxon saw its best-ever third-quarter global refinery throughput at 4.2 million barrels per day.
Exxon’s earnings per share came in at $2.25, missing the Street consensus of $2.37.
Following the results release, Exxon’s shares were marginally higher by 0.4% as the market opened, due to strong cash flows for Q3 and the dividend increase which was a penny higher than expectations.
Exxon, which has raised its annual dividend for 41 consecutive years, declared a fourth-quarter dividend of $0.95 per share, payable on December 11, 2023. The dividend was increased by $0.04 per share, or 4%.
Meanwhile, cash flow from operations was $16.0 billion for the third quarter, up by $6.6 billion versus the second quarter.
Exxon expects its full-year capital and exploration expenditures to be at the top end of the guidance of $23 billion to $25 billion “as the company pursues value accretive opportunities,” the supermajor said.
Earlier in October, ExxonMobil announced a deal to buy Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion. The implied total enterprise value of the transaction, including net debt, is around $64.5 billion.
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By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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