ExxonMobil beats profit estimates as refining earnings hit record high
Rising fuel prices are lifting returns for major oil companies as supply disruptions tied to conflicts in the Persian Gulf and Russia reshape global energy markets. ExxonMobil says those moves push its refining performance to an all-time high in the third quarter and help it top Wall Street expectations.
Highlights
- ExxonMobil reports adjusted third-quarter earnings of $4.23 per share, surpassing analyst expectations by 10 cents on record-high refining profits.
- Refining earnings reached an all-time high as gasoline and diesel prices rose due to ongoing conflicts in the Persian Gulf and Russia tightening fuel supplies.
- ExxonMobil increases its dividend for the 44th consecutive year and maintains $20 billion in annual share buybacks, signaling continued strong shareholder returns.
Third-quarter earnings and shareholder returns
As reported by Bloomberg, ExxonMobil says adjusted third-quarter earnings reach $4.23 a share, 10 cents above the average analyst estimate. The Spring, Texas-based oil company says stronger gasoline and diesel prices drive refining results to a record level.The company also raises its dividend for the 44th consecutive year and says it plans to maintain $20 billion in annual share buybacks. Those commitments indicate ExxonMobil is continuing to return significant cash to shareholders while benefiting from stronger downstream margins.
Energy market disruption supports refining margins
The earnings beat comes as conflicts in the Persian Gulf and Russia continue to unsettle energy markets and support higher prices for transport fuels. In that environment, refiners with large processing capacity are benefiting from tighter supplies of gasoline and diesel.For ExxonMobil, the latest quarter highlights how refining operations can offset volatility elsewhere in the energy business. The results also underscore the importance of downstream assets for large integrated oil companies when geopolitical shocks lift fuel margins.
In our earlier article on the surge in crude oil shipping costs, we explained how conflict-linked risks in key waterways have driven tanker rates sharply higher, making freight a much larger component of delivered oil prices. We also noted that these added transport and insurance costs can filter through to gasoline and other consumer prices, while creating uneven impacts for importers, refiners, and tanker owners.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
