ISSN 2330-717X

ExxonMobil Announces Third-Quarter 2022 Results

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Exxon Mobil Corporation announced Friday third-quarter 2022 earnings of $19.7 billion, or $4.68 per share assuming dilution. Third-quarter results included net favorable 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, the company said.

Specifically, ExxonMobil said earnings and cash flow from operating activities grew to $19.7 billion and $24.4 billion, respectively, as strong volume performance, including record refining volumes, rigorous cost control and higher natural gas realizations more than offset lower crude realizations and weaker industry refining margins

The company said it achieved best-ever quarterly refining throughput in North America and highest globally since 2008, adding it 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.

ExxonMobil noted it signed largest-of-its-kind commercial agreement to capture and permanently store up to 2 million metric tons of CO2 emissions per year.

The company declared fourth-quarter dividend of $0.91 per share, an increase of $0.03 per share; paying out $15 billion in aggregate for the year.

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