Exxon Mobil Corp. ( (XOM) ) has released its Q3 earnings. Here is a breakdown of the information Exxon Mobil Corp. presented to its investors.
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Exxon Mobil Corporation is a leading international energy company that explores for and produces crude oil and natural gas, manufactures petroleum products, and is involved in various other energy-related activities, including carbon capture and storage.
In its third-quarter 2024 earnings report, ExxonMobil reported substantial earnings of $8.6 billion, driven by the company’s strategic transformation efforts. The company increased its quarterly dividend and returned $9.8 billion to shareholders, highlighting its commitment to shareholder returns.
ExxonMobil’s results were bolstered by achieving the highest liquids production in over 40 years, reaching 3.2 million barrels per day. The company also saw a 10% increase in high-value product sales and achieved notable advancements in carbon capture and storage projects. However, overall earnings for the year-to-date were slightly down compared to 2023 due to decreased industry refining margins and natural gas prices.
Looking ahead, ExxonMobil remains focused on its strategic goals, including growth in advantaged assets and high-value products. The company continues to lead the industry in shareholder returns and is on track to achieve significant structural cost savings by 2027. Management remains optimistic about future growth and profitability.
ExxonMobil’s forward-looking strategy emphasizes continued growth in energy production while advancing its efforts in reducing carbon emissions, underscoring the company’s commitment to both financial performance and sustainability.
