2024

Billion

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<p class="has-drop-cap">ExxonMobil (NYSE: XOM) has <a aria-label="reported (opens in a new tab)" href="https://investor.exxonmobil.com/news-events/press-releases/detail/1174/exxonmobil-announces-third-quarter-2024-results" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">reported</a> its third-quarter 2024 earnings, showcasing a robust performance driven by strategic transformations across its operations. The company announced earnings of $8.6 billion or $1.92 per diluted share, with cash flow from operating activities reaching $17.6 billion. This quarter marked the highest liquids production in over four decades, averaging 3.2 million barrels per day. The company also highlighted a remarkable 10% increase in high-value product sales volumes within its Product Solutions segment compared to the prior year-to-date figures.</p>
<p>In terms of shareholder returns, ExxonMobil distributed $9.8 billion during the quarter and declared an increased fourth-quarter dividend of $0.99 per share. This dividend hike represents a 4% increase and continues the company’s 42-year streak of annual dividend growth. ExxonMobil remains a leader in carbon capture and storage development, with new agreements expanding its CO2 offtake commitments to 6.7 million metric tons per year, more than any other company has announced.</p>
<p>Overall, ExxonMobil’s third-quarter results demonstrate the effectiveness of its enterprise-wide transformation strategy. The company’s focus on operational excellence and strategic growth projects has enabled it to achieve a 20% return for shareholders year-to-date, maintaining its position as an industry leader in total shareholder returns over the past three, five, and ten years.</p>
<h3 id="exxonmobil-reports-eps-beat-and-slight-miss-on-revenue-in-third-quarter">ExxonMobil Reports EPS Beat and Slight Miss on Revenue in Third Quarter</h3>
<p>ExxonMobil’s third-quarter performance exceeded market expectations, particularly in terms of <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share (EPS)</a>. Analysts had anticipated an EPS of $1.89, but the company reported a slightly higher EPS of $1.92. However, the company’s revenue of $87.79 billion fell short of the expected $94.24 billion, indicating challenges in meeting revenue forecasts despite strong operational performance.</p>
<p>The slight miss in revenue expectations can be attributed to several factors, including lower industry refining margins and natural gas prices compared to the previous year. These declines were partially offset by advantageous volume growth from key assets in Guyana and the Permian Basin, as well as increased high-value product sales. ExxonMobil also achieved $11.3 billion in structural cost savings since 2019, further enhancing its financial resilience.</p>
<p>Despite the revenue shortfall, ExxonMobil’s strategic initiatives and cost management efforts have bolstered its earnings performance, demonstrating the company’s ability to navigate market fluctuations and deliver consistent shareholder value. The company’s focus on high-margin projects and operational efficiency continues to drive its competitive edge in the industry.</p>
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<h3 id="exxonmobil-reports-ytd-expenditures-over-20-billion">ExxonMobil Reports YTD Expenditures Over $20 Billion</h3>
<p>ExxonMobil remains committed to sustaining its growth trajectory through disciplined capital allocation and strategic investments. The company has reiterated its full-year guidance for capital and exploration expenditures at $28 billion, aligning with its long-term growth objectives. Year-to-date expenditures have reached $20 billion, indicating a steady pace of investment in key projects.</p>
<p>ExxonMobil’s future growth strategy includes significant advancements in low-carbon technologies, such as carbon capture and storage, hydrogen production, and the development of new high-value products. The company has secured a major offshore CO2 storage site in the U.S. and is progressing with its Baytown hydrogen project, which aims to become the world’s largest of its kind upon startup in 2029. These initiatives underscore ExxonMobil’s commitment to leading the energy transition and supporting a lower-emissions future.</p>
<p>The company’s focus on innovation and sustainability positions it well to capitalize on emerging market opportunities. ExxonMobil’s strategic investments in lower-emission solutions and high-growth businesses are expected to enhance its competitive advantage and drive long-term shareholder value. As the company continues to execute its strategic priorities, it remains poised for sustainable growth in a dynamic energy landscape.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/exxonmobil-achieves-1-92-eps-in-third-quarter-2024-slight-miss-on-revenue/">ExxonMobil Achieves $1.92 EPS in Third Quarter 2024, Slight Miss on Revenue</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

ExxonMobil Achieves $1.92 EPS in Third Quarter 2024, Slight Miss on Revenue

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