On Friday, Exxon Mobil Corp announced that it had one of its "strongest third quarters in a decade," despite experiencing a decline in earnings during the period.
Exxon ups dividend despite profit slip
For the nine months ending September 30, the Houston, Texas-based oil and gas company reported a pretax profit of $39.06 billion, down from $42.16 billion the previous year. For the third quarter, pretax profit decreased to $13.03 billion from $13.70 billion.
Revenue, on the other hand, increased to $266.16 billion, compared to $260.24 billion last year. However, third-quarter revenue fell slightly to $90.02 billion from $90.76 billion.
Exxon Mobil also announced a third-quarter dividend of $0.95 per share, an increase from $0.91 per share.
"One of strongest quarters"
"We delivered one of our strongest third quarters in a decade," said Chief Executive Officer Darren Woods.
"Our industry-leading results illustrate how our enterprise-wide transformation is enhancing the structural earnings capacity of the company. In the Upstream segment, we have doubled the profitability of the barrels we produce on a constant price basis. In Product Solutions, we have optimized our refining operations and increased sales of high-value products. Overall, we’ve achieved $11.3 billion in structural cost savings since 2019."
