• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Exxon Beats Profit Estimates as Production Hits 40-Year High

10 months ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
56
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Exxon Beats Profit Estimates as Production Hits 40-Year High

ExxonMobil reported on Friday third-quarter earnings above expectations as its liquids production hit a 40-year high, offsetting lower oil and gas realizations and weak refining margins.

As expected, Exxon’s Q3 profit dropped from a year earlier, amid lower crude oil and natural gas prices and a weak refining sector globally. But the earnings beat the Wall Street view as production in Guyana, the Permian, and from the Pioneer assets rose.

Exxon booked earnings of $8.61 billion for the third quarter, down by 5% year-over-year. Earnings per share came in at $1.92, higher than the consensus estimate of $1.87.

The lower earnings compared to last year’s Q3 reflected declines in industry refining margins and natural gas prices from the historically high levels in 2023.

The earnings were driven by higher oil and gas production, including strong production growth from Guyana and Permian assets including Pioneer assets in the first full quarter of Pioneer integration following the merger. Exxon said it saw its highest liquids volumes in 40 years in Q3 2024.

Earnings in the energy products division, which includes refining and sales, slumped year to date to September, “due to significantly weaker industry refining margins, which declined from historically high levels as supply from industry capacity additions outpaced record global demand,” Exxon said.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

“We delivered one of our strongest third quarters in a decade,” chairman and chief executive officer Darren Woods said.

The other supermajors have flagged weak refining would weigh on their Q3 earnings, but all except France’s TotalEnergies reported better-than-expected profits.

Exxon and the other U.S. oil and gas giant Chevron were helped by record-high production volumes, which offset most of the negative impact from lower oil and gas prices compared to a year ago and very weak refining margins, especially in Europe.

Chevron reported on Friday consensus-beating earnings for the third quarter, driven by a record quarterly U.S. production and Permian oil and gas output.

Source: oilprice
Via: norvanreports
Tags: ExxonExxon Beats Profit Estimates as Production Hits 40-Year High

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.