ExxonMobil Posts $19.7bn Earnings In Q3, 2022

Oil major, Exxon Mobil Corporation, has released its third-quarter 2022 results showing earnings of $19.7 billion, or $4.68 per share assuming dilution.

Third-quarter results included net favourable identified items of nearly $1 billion associated with the completion of the XTO Energy Canada and Romania Upstream affiliate divestments and one-time benefits from tax and other reserve adjustments, partly offset by impairments.

Capital and exploration expenditures were $5.7 billion in the third quarter, bringing year-to-date 2022 investments to $15.2 billion, on track with full-year guidance of $21 billion to $24 billion.

Details show that the company grew earnings and cash flow from operating activities to $19.7 billion and $24.4 billion, respectively, as strong volume performance, including record refining volumes1, rigorous cost control and higher natural gas realizations more than offset lower crude realizations and weaker industry refining margins.

It also achieved best-ever quarterly refining throughput in North America and highest globally since 2008.

ExxonMobil again delivered strong quarterly oil and gas production, including record Permian production of nearly 560,000 oil-equivalent barrels per day to better serve demand; year-on-year, total production increased 50,000 oil-equivalent barrels per day and signed largest-of-its-kind commercial agreement to capture and permanently store up to 2 million metric tons of CO2emissions per year.

“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today. We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective,” commented chairman and chief executive officer, Darren Woods.

“The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers. Rigorous cost control and growth of higher-margin petroleum and chemical products also contributed to earnings and cash flow growth in the quarter.

“At the same time, we are expanding our Low Carbon Solutions business with the signing of the largest-of-its-kind customer contract to capture and permanently store carbon dioxide, demonstrating our ability to offer competitive emission-reduction services to large industrial customers around the world,” concluded Woods.

Global oil-and-gas giants including Exxon Mobil, Chevron and Equinor posted huge profits in the third quarter, benefiting from surging energy costs that have boosted inflation around the world and hit consumers hard.