ExxonMobil Profits Double to $15.4 Billion
ExxonMobil Profits Double to $15.4 Billion Libya's eastern parliament ratified Turkey's… Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… ExxonMobil reported $15.4 billion in third-quarter profit Friday, more than double its earnings a year earlier, with its Gulf Coast refineries running at full capacity anddiesel pricesdoing the rest.
The company earned $3.72 per share, or $4.23 on an adjusted basis, beating Wall Street's $4.08 estimate.
Adjusted net income reached $17.5 billion, making it one of Exxon's most profitable quarters ever.
Exxon's energy products business earned $9.05 billion in adjusted profit, up from $4.1 billion in the second quarter.
Gulf Coast refinery units operated at 100% utilization, producing their second-highest diesel volumes on record.
The Iran war and Ukrainian attacks on Russian refineries have sidelined roughly 10% of global refining capacity, leaving the remaining plants to supply a market desperately short of diesel and other fuels.
Refining margins have soared, and Exxon is certainly making the most of them.
The company has also increased the amount of fuel it can produce.
Its Gulf Coast distillate output is up approximately 40% since 2019, helped by the $2 billion Beaumont refinery expansion completed in 2023.
That project added 250,000 barrels per day of processing capacity, an investment approved years before today's fuel shortage.
Exxon's upstream business had a less impressive quarter.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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