ExxonMobil reported net income of $8.61 billion for the third quarter of 2024 (Q3 2024), down 5.1% from $9.07 billion in the same period last year.
In the previous quarter, Q2 2024, the oil and gas giant reported earnings of $9.24 billion.Earnings per share (EPS) were $1.92 in Q3 2024, compared to $2.25 in Q3 2023.In Q2 2024, EPS was $2.14.
Total revenues and other income reached $90 billion for the third quarter of 2024 ended Sept. 30, down slightly from $90.76 billion in the third quarter of 2023. ExxonMobil’s year-to-date profit was $26.1 billion, compared with $28.4 billion a year ago.
The company attributed the drop in earnings to lower industry refining margins and a pullback in natural gas prices from last year’s record highs. However, these factors were partially offset by favorable timing effects, primarily related to the impact of mark-to-market derivatives.
ExxonMobil said volume growth was strong at its Guyana and Permian assets, including the Pioneer integration. Higher volumes of higher-value products offset lower underlying volumes due to non-strategic divestitures and scheduled maintenance activities. Structural cost savings partially mitigated the impact of increased expenses related to depreciation, maintenance, new business development and projects to be launched in 2025.
The company’s Upstream segment reported revenues of $6.2 billion in the third quarter of 2024, a decrease of $916 million compared to the prior year quarter, primarily due to lower crude oil price realizations and higher exploration costs. This was partially offset by record production, with liquids production at its highest level in 40 years, supported by structural cost savings.
Net production in the third quarter of 2024 was 4.6 million barrels of oil equivalent per day, an increase of 5% or 224,000 barrels per day from the prior year quarter. Year-to-date net production increased 14% to 4.2 million barrels of oil equivalent per day or 534,000 barrels per day.
In the Energy Products segment, third quarter earnings totaled $1.3 billion, an increase of $400 million from the second quarter of 2024.
ExxonMobil’s Chemicals segment reported earnings of $893 million in the third quarter of 2024, the highest earnings in more than two years, compared with earnings of $779 million in the previous quarter. The increase was driven by improved margins due to lower feed costs in North America and increased sales of higher-value products.