Exxon Mobil Corporation Reports Third-Quarter 2024 Financial Results
Exxon Mobil Corporation (NYSE: XOM) has announced its financial results for the third quarter of 2024, demonstrating strong performance driven by enterprise-wide transformation and strategic investments.
Key Financial Metrics
| Metric | Q3 2024 | Consensus Estimate |
|---|---|---|
| Earnings per Share (EPS, USD) | $1.92 | $1.88 |
| Net Income (Billion USD) | $8.6 | N/A |
| Cash Flow from Operations (Billion USD) | $17.6 | N/A |
ExxonMobil reported third-quarter earnings of $8.6 billion with an EPS of $1.92, beating the Wall Street consensus estimate of $1.88. This growth reflects the company’s enhanced financial strength through transformation and operational efficiencies.
Revenue by Segment
| Segment | Year-to-Date 2024 Earnings (Billion USD) | Year-to-Date 2023 Earnings (Billion USD) | Change |
|---|---|---|---|
| Upstream | $18.9 | $17.2 | +$1.7 |
| Energy Products | $3.6 | $8.9 | -$5.3 |
| Chemical Products | $2.5 | $1.5 | +$1.0 |
| Specialty Products | $2.3 | $2.06 | +$0.24 |
The Upstream segment saw an increase in earnings by $1.7 billion due to volume growth, largely offsetting declines in Energy Products attributed to weaker refining margins. Chemical and Specialty Products showed solid gains due to advantageous market conditions and product innovations.
Key Developments and Operational Highlights
- Achieved highest liquids production in over 40 years, averaging 3.2 million barrels per day.
- Delivered record high-value product sales volumes in Product Solutions, up 10% year-over-year.
- Returned $9.8 billion to shareholders and increased fourth-quarter dividend to $0.99 per share.
- Strengthened carbon capture and storage capabilities with new customer agreements for 6.7 million metric tons per year.
Executive Commentary
Darren Woods, Chairman and CEO, highlighted, 'We delivered one of our strongest third quarters in a decade, continuing to demonstrate our enhanced structural earnings power from the enterprise-wide transformation. Our strategy is delivering leading returns of 20% for our shareholders, underscoring our commitment to growth and enhanced shareholder value.'
Shareholder Returns & Forward Guidance
- Announced a 4% increase in quarterly dividend, marking the 42nd consecutive annual increase.
- Expects to repurchase over $19 billion of shares in 2024.
- No explicit forward guidance provided within the release.
Stock Price Movement
The stock witnessed a modest increase of approximately 0.08% following the earnings release, indicating investor confidence in the results and future outlook of the company.
ExxonMobil continues to leverage strategic growth initiatives and operational efficiencies to deliver robust financial performance amidst a dynamic market landscape.
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