Yemisi Izuora
Exxon Mobil Corporation has announced third-quarter 2024 earnings of $8.6 billion, or $1.92 per share assuming dilution.
It reported that its cash flow from operating activities was $17.6 billion and free cash flow was $11.3 billion.
Also, capital and exploration expenditures were $7.2 billion in the third quarter, bringing year-to-date 2024 expenditures to $20 billion, in line with the company’s full-year guidance of $28 billion.
“We delivered one of our strongest third quarters in a decade,” said Darren Woods, chairman and chief executive officer.
“Our industry-leading results1 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 per cent so far this year for our shareholders, and we are continuing that growth with a 4 per cent increase in our quarterly dividend payment announced today. We’ve now increased our annual dividend for 42 years in a row, a claim that less than 4 per cent of the S&P 500 companies can make. Furthermore, we lead industry in total shareholder returns for the past 3, 5 and 10 years.” Woods added.