Key facts
- ExxonMobil reported third-quarter adjusted earnings per share of $4.23, beating analyst expectations.
- ExxonMobil's adjusted total earnings were $17.5 billion, surpassing estimates of $16.6 billion.
- Downstream earnings surged 120% to $9 billion due to higher refining margins.
- ExxonMobil announced a $20 billion share repurchase program for 2027.
ExxonMobil beat Wall Street expectations for third-quarter profit on Friday, as soaring refining margins driven by the US-Israeli war on Iran and Ukrainian strikes on Russian refineries boosted the largest US oil producer’s earnings. Adjusted earnings per share for the quarter were $4.23, surpassing the average analyst expectation of $4.08. Adjusted total earnings were $17.5 billion, beating the average analyst estimate of $16.6 billion. Fighting across the Middle East and the Russia-Ukraine war have knocked out fuel-making capacity and caused global supply shortages of diesel, leading to booming profits for Western oil majors.