Key facts
- ExxonMobil's third-quarter profit more than doubled year-over-year to $15.4 billion.
- Adjusted earnings per share of $4.23 beat analyst estimates of $4.08.
- The energy products business saw adjusted profit surge to $9.05 billion from $4.1 billion.
- U.S. Gulf Coast refinery utilization reached 100%, producing near-record diesel volumes.
- Upstream business adjusted earnings declined to $7.3 billion amid easing crude prices.
- Exxon plans an additional $20 billion in share repurchases by 2027.
ExxonMobil announced on Friday that its third-quarter profit more than doubled to $15.4 billion, driven by strong performance in its energy products segment and high diesel prices. The company's U.S. Gulf Coast refineries operated at full capacity, contributing to a significant increase in adjusted profit for this business segment to $9.05 billion. Adjusted earnings per share came in at $4.23, exceeding Wall Street's estimate of $4.08. The global shortage of diesel, exacerbated by refinery damage in the Middle East and Russia, has led to soaring refining margins. Exxon's upstream business, however, saw adjusted earnings decline to $7.3 billion as crude prices eased, with production holding near 4.5 million barrels of oil equivalent per day. The company generated $25.7 billion in operating cash flow and plans further shareholder returns, including $20 billion in share repurchases by 2027.