ExxonMobil's Q3 Results Signal a Bright Future for the Energy Giant

Exxon Mobil Corporation announced a strong third-quarter 2024 results, driven by enterprise-wide transformation efforts. The company reported total revenue of $8.6 billion on strong operational performance across its businesses.

• Record production: Achieved the highest liquids production in over 40 years at 3.2 million barrels per day.

• High-value product sales soar: Delivered record high-value product sales volumes in Product Solutions, up 10% year-over-year.

• Strong cash flow: Generated $17.6 billion in cash flow from operations and $11.3 billion in free cash flow in Q3.

• Leading carbon capture and storage: Signed a new agreement to increase CO2 offtake under contract to 6.7 million metric tons per year, the most of any company in the industry.

Segment Performance:

• Upstream: Year-to-date earnings of $18.9 billion, $1.7 billion higher than last year, driven by advantaged asset volume growth, structural cost savings, and higher production volumes. Q3 earnings were $6.2 billion, down from Q2 due to lower crude realizations and higher exploration expenses, partially offset by production gains.

• Energy Products: Year-to-date earnings of $3.6 billion, impacted by significantly weaker industry refining margins. Q3 earnings were $1.3 billion, up from Q2 due to lower scheduled maintenance and favorable derivatives timing effects.

• Chemical Products: Year-to-date earnings of $2.5 billion, an increase of $1.0 billion versus last year, despite challenging market conditions. The company's advantaged North American footprint and focus on high-value products boosted margins. Q3 earnings were $893 million, the highest in over two years.

• Specialty Products: Delivered consistently strong earnings with a record $2.3 billion year-to-date, driven by improved margins, cost savings, and higher sales volumes. Q3 earnings were $794 million.

Looking Ahead:

ExxonMobil remains committed to delivering strong shareholder returns and advancing climate solutions. The company is on track to deliver $15 billion of cumulative structural cost savings by the end of 2027 and is a leader in carbon capture and storage technology.

“We delivered one of our strongest third quarters in a decade,” said Darren Woods, Chairman and Chief Executive Officer.

“Our industry-leading results continue to demonstrate how our enterprise-wide transformation is improving the structural earnings power of the company. In the Upstream, we've doubled the profitability of the barrels we produce on a constant price basis. In Product Solutions, we've high-graded our refining footprint and increased high-value product sales. And across the entire company, we’ve achieved $11.3 billion of structural cost savings since 2019. Our strategy is delivering leading returns of 20% so far this year for our shareholders, and we are continuing that growth with a 4% increase in our quarterly dividend payment announced today. Furthermore, we lead industry in total shareholder returns for the past 3, 5 and 10 years.”