HOUSTON (Reuters) – Exxon Mobil beat Wall Street’s third-quarter expectations on Friday, benefiting from strong oil production, including volumes from U.S. shale producer Pioneer Natural Resources.
The American oil major reported revenue of $8.61 billion (€7.92 billion) over the period, down from $9.07 billion the previous year.
However, it narrowly exceeded expectations for its earnings per share which stood at $1.9, while analysts were expecting $1.88 per share.
Earlier this month, Exxon warned that its third-quarter operating profit would likely decline, leading analysts to cut their quarterly earnings per share forecast by nearly ten cents.
“We recorded several production records during the quarter,” said group financial director Kathryn Mikells, citing an increase in oil and gas production to 4.6 million barrels per day, about 25% year-on-year. annual.
Exxon increased its quarterly dividend by 4% after generating free cash flow of $11.3 billion, well above analyst estimates.
Chevron, its competitor, also published its third quarter results on Friday and exceeded expectations on its profit, offsetting a year-over-year decline.
Exxon Mobil shares were up 1.9% at $118.95 in pre-market trading.
(Reporting Gary McWilliams in Houston and Shariq Khan in New York, Elena Smirnova, editing by Augustin Turpin)
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