Exxon’s profit beats forecasts as volume offsets price weakness

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Exxon’s profit beats forecasts as volume offsets price weakness

STORY: Exxon Mobil announced it beat Wall Street’s third quarter profit forecasts on Friday (November 1).

The top U.S. oil producer reported income of $8.61 billion.

It was down from more than $9.07 billion a year ago, but a solid performance in a quarter where rivals struggled.

But Exxon’s year-on-year profit fell 5% – a much smaller drop than at BP and TotalEnergies.

Both posted sharply lower quarterly results.

Oil industry earnings have been squeezed this year by slower demand and weak margins on gasoline and diesel.

Exxon was boosted by strong oil output and said it hit a number of production records.

It cited a 25% year-on-year rise in oil and gas output to 4.6 million barrels per day during the quarter.

Friday’s update comes after Exxon had earlier warned operating profit had likely fallen.

The results included Exxon’s first full quarter of production following its acquisition of Pioneer Natural Resources in May.

The $60 billion deal drove production in the top U.S. shale basin to nearly 1.4 million barrels per day of oil and gas.

That helped overcome a 17% decline in average oil prices in the quarter ended September 30.

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