Exxon Mobil Corp.'s (NYSE:XOM) Q3 revenue and earnings declined to $90.76 billion and $9.07 billion respectively, under the leadership of CEO Darren Woods. Despite this, the company achieved a record refinery throughput of 4.2 million barrels per day and raised its quarterly dividend from 91 cents to 95 cents per share. These results reflect a robust operational performance amidst fluctuating oil prices.
Adjusted earnings were reported at $2.27 per share, falling short of the predicted $2.36 per share, while surpassing Wall Street's revenue projection of $89.29 billion. Oil production dipped slightly by 0.8% to 3,688 thousand barrels per day.
In a major strategic move, Exxon executed its largest acquisition since the Mobil merger, purchasing Pioneer Natural Resources (NYSE:PXD) for approximately $60 billion. This acquisition marks significant expansion in the oil-rich Permian Basin oilfield straddling Texas and New Mexico, mirroring industry trends like Chevron (NYSE:CVX)'s acquisition of Hess Corp (NYSE:HES). for $53 billion.
The company's performance in 2022 was notable as it reported a record-breaking profit of $55.7 billion, surpassing its previous record of $45.22 billion set in 2008 when oil prices peaked.
The energy sector has seen large acquisitions persist amidst surging oil prices. Crude prices rose sharply in early 2022 due to Russia’s invasion of Ukraine and production cutbacks from Saudi Arabia and Russia. According to the U.S. Energy Information Administration, these events combined with the Israel-Hamas conflict could disrupt oil supply and further raise prices.
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