ExxonMobil has reported net income of $9.07bn in the third quarter of 2023, a 53.86% slump from $19.66bn in the same period a year ago. 

Earnings per common share during the period under review was $2.25, down 51.92% from $4.68 last year. 

For the three months that ended 30 September 2023, total revenues and other income fell by 19% to $90.76bn from $112.07bn year-on-year (YoY).

The US-based oil and gas producer posted record earnings last year as crude oil prices soared. 

Exxon’s upstream business’ earnings during the third quarter were $6.12bn, a 50.68% fall YoY.

A 14% decline in crude realisations and a nearly 60% fall in natural gas realisations were the causes of the significantly decreased earnings.

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By GlobalData

Lower earnings were offset by increase in net production by almost 80,000 oil-equivalent barrels per day, mostly due to the Permian and Guyana.

Third-quarter earnings from energy products were down by 58.03% to $2.44bn due to lower industry refining margins and negative foreign exchange effects.

Chemical products’ third quarter earnings also fell to $249m from $812m due to weaker industry margins.

Between July and September 2023, Exxon’s capital and exploration expenses were $6.02bn.

Exxon anticipates that its full-year capital and exploration expenditures will be at the upper end of the guidance range of $23–25bn.

The oil and gas company has boosted the dividend for the fourth quarter to $0.95 per share and returned $8.1bn to stockholders during the third quarter.

ExxonMobil chairman and CEO Darren Woods said: “We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent barrels per day to support global supply. The two transactions we have announced further underscore our ongoing commitment to the ‘and’ equation by continuing to meet the world’s needs for energy and essential products while reducing emissions.

“Our disciplined operational and financial performance, combined with these strategic transactions, will strengthen our portfolio and position us to deliver profitable growth and attractive returns for many years to come.”

Earlier this month, Exxon signed a $59.5bn all stock deal to buy Pioneer Natural Resources.

In July, the energy company agreed to buy carbon solutions provider Denbury in a deal valued at $4.9bn.