Exxon Mobil has reported a net income attributable to shareholders of $19.7bn for the third quarter of 2022, compared to $6.75bn a year ago, benefiting from rising energy prices.

The company said its profit was boosted by the sale of approximately $1bn worth of assets, including the XTO Energy Canada and Romania Upstream affiliate, and ‘one-time benefits from tax and other reserve adjustments, partly offset by impairments’.

Total revenues and other income during the quarter rose to $112.07bn, from $73.78bn in the same period a year ago.

The energy giant’s income before income taxes rose to $25.42bn, from $9.6bn a year earlier.

The company’s capital and exploration expenditures for Q3 stood at $3.9bn. This brings the company’s year-to-date 2022 investments to $15.2bn.

Exxon also reported a cash flow from operating activities of $24.4bn and free cash flow of $22bn. Oil-equivalent production stood at 3.7 million barrels per day.

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By GlobalData

Exxon CEO and chairman Darren Woods said: “Rigorous cost control and growth of higher-margin petroleum and chemical products also contributed to earnings and cash flow growth in the quarter.

“At the same time, we are expanding our low carbon solutions business with the signing of the largest-of-its-kind customer contract to capture and permanently store carbon dioxide, demonstrating our ability to offer competitive, emission-reduction services to large industrial customers around the world.”

The oil major declared a dividend of $0.91 per share for the fourth quarter. This would bring the aggregate dividend to $15bn for 2022.

Through 2023, the company aims to repurchase shares worth up to $30bn.