Exxon Mobil and Chevron delivered robust third-quarter performances, driven by record production levels in key regions. Exxon Mobil reported earnings of $7.55 billion, or $1.76 per share, for the quarter ending September 30. While this marked a slight decline from the $8.61 billion, or $1.92 per share, earned in the same period last year, adjusted earnings of $1.88 per share exceeded Wall Street’s expectations of $1.81 per share, according to Zacks Investment Research. Revenue stood at $85.29 billion, slightly below the projected $86.77 billion. Exxon’s net production surged to 4.7 million oil-equivalent barrels per day, a significant increase of 1.1 million barrels compared to the previous quarter. Notably, Guyana’s output exceeded 700,000 barrels per day, while the Permian Basin achieved a record-breaking 1.7 million oil-equivalent barrels per day. Chevron also posted strong results, with third-quarter earnings of $3.54 billion, or $1.82 per share. Adjusted earnings of $1.85 per share surpassed the anticipated $1.66 per share, though revenue of $49.73 billion fell short of the $53.58 billion forecast. The companies’ performances were bolstered by rising oil prices, which spiked following U.S. sanctions on Russia’s oil industry. OPEC+’s recent decision to increase production by 137,000 barrels per day in November has also contributed to market stability. Both Exxon and Chevron maintain a policy of not adjusting reported results for one-time events, such as asset sales.
Exxon posts strong quarterly earnings with production in Guyana and the Permian Basin picking up
