Exxon tops Q3 profit forecasts on strong Guyana and Permian output
Exxon Mobil beat Wall Street expectations for the third quarter, boosted by rising oil and gas production in Guyana and the Permian Basin despite lower crude prices.
The U.S. energy giant posted adjusted earnings of $8.1 billion, or $1.88 per share, ahead of analysts’ forecasts of $1.82. Production climbed to 4.8 million barrels of oil equivalent per day, up from 4.6 million in Q2, with record output in both key regions. Guyana’s Yellowtail project also started up ahead of schedule and below budget, News.Az reports, citing Reuters.
CEO Darren Woods said the company delivered its strongest earnings per share for similar oil-price environments. Brent crude averaged about $68 a barrel in the quarter, down 13% from a year earlier.
Exxon returned cash to investors, paying $4.2 billion in dividends and buying back $5.1 billion in shares. It raised its quarterly dividend by 4% to $1.03 and remains on track for $20 billion in share repurchases this year.
Free cash flow dropped to $6.3 billion from $11.3 billion a year ago. Exxon also booked $510 million in restructuring charges and expects its 2025 capital spending to finish slightly below the low end of its $27–$29 billion range.
Despite softer crude markets and global economic uncertainty, the company benefited from higher U.S. natural gas prices, up roughly 38% year-on-year.
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