Exxon's $8.6 billion profit beats as record output offsets weak fuel prices By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 01 2024
0mins
Source: Investing.com
Exxon Mobil's Q3 Performance: Exxon reported a profit of $8.61 billion for the third quarter, slightly surpassing Wall Street estimates despite a 5% year-over-year decline in profits, attributed to strong oil output from its acquisition of Pioneer Natural Resources and increased production in the Permian basin.
Refining and Chemical Business Insights: While Exxon's refining earnings dropped significantly due to weak margins and an outage at its Illinois refinery, profits from its chemical segment rose sharply, indicating mixed performance across different sectors of the business.
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Analyst Views on XOM
Wall Street analysts forecast XOM stock price to fall
19 Analyst Rating
12 Buy
7 Hold
0 Sell
Moderate Buy
Current: 152.500
Low
114.00
Averages
132.17
High
158.00
Current: 152.500
Low
114.00
Averages
132.17
High
158.00
About XOM
Exxon Mobil Corporation is an energy provider and chemical manufacturer. The Company’s principal business involves exploration for, and production of, crude oil and natural gas; the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima systems, carbon materials, and lithium. Its Upstream segment explores for and produces crude oil and natural gas. The Energy Products, Chemical Products, and Specialty Products segments manufacture and sell petroleum products and petrochemicals. Energy Products segment includes fuels, aromatics, and catalysts and licensing. Chemical Products segment consists of olefins, polyolefins, and intermediates. Specialty Products segment includes finished lubricants, basestocks and waxes, synthetics, and elastomers and resins.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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