Investing.com — Exxon Mobil (NYSE:XOM) reported earnings for the third quarter that beat analyst estimates, while revenue fell short of expectations.
The energy giant delivered Q3 earnings per share (EPS) of $1.92, slightly above the consensus estimates of $1.89.
Quarterly revenue reached $90.02 billion, missing the $94.24 billion projected by analysts.
Exxon shares around 2% following the market open on Friday.
Jefferies analysts the earnings beat comes “due to higher liquids production/realizations and timing effects in Energy Products.”
The company said its capital and exploration expenditures stood at $7.2 billion in the third quarter, bringing total expenditures for 2024 so far to $20 billion, aligning with its full-year target of $28 billion.
Cash flow from operating activities was reported at $17.6 billion and free cash flow was $11.3 billion.
“We delivered one of our strongest third quarters in a decade,” said Darren Woods, chairman and CEO of Exxon Mobil.
“Our industry-leading results continue to demonstrate how our enterprise-wide transformation is improving the structural earnings power of the company,” he added.
Exxon also raised its quarterly dividend by 4.2% to 99 cents per share.