Exxon (XOM) earnings Q3 2024

Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades.

“This quarter is one of the best third quarters we’ve had in the past decade,” Exxon CEO Darren Woods told CNBC’s “Squawk Box” on Friday. “In the upstream, we see record volumes coming from our advantaged assets like Guyana and the Permian.”

Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
• Revenue: $90 billion, vs. $93.94 billion expected

The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared with $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from historically high levels in 2023. Revenue fell less than 1% to $90 billion.

The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to 99 cents per share.

Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.

The oil major’s stock rose modestly in morning trading. Exxon shares have gained 18% this year.