Exxon Mobil (NYSE:XOM) raised its quarterly dividend by 3.4% to $0.91 per share and reported adjusted earnings and revenues for Q3 that were much higher than what Wall Street had expected. This was due to the high price of oil and the rising price of natural gas. In the third quarter, net income reached a record of $19.66 billion, or $4.68 per share on Exxon stock price, up 10% from the previous quarter’s $17.9 billion, which was also a record for profit at the time.
According to the company, the refining industry’s refining margins were lower, and lower crude prices were made up for by higher natural gas prices and record refining volumes. Revenues in Q3 increased 52% year over year, from $73.78 billion to $112.07 billion.
Gross output from offshore Guyana rose to almost 360K BOE/day in Q3, setting a quarterly record of nearly 560K BOE/day from the Permian Basin. Q3 production as a whole was 3.7 million BOE/day. Exxon Mobil has announced a quarterly dividend of $0.91 per share, which is 3.4% more than the last dividend of $0.88 per share.
Movements around Exxon stock price
Due to worries about supply in Europe and efforts to build up stocks before winter, gas realizations went up by 22%. This more than made up for the 12% drop in crude realizations, which was caused by small increases in supply.
Exxon (NYSE:XOM) said it had the highest refining throughput in the world and in North America for a quarter since 2008. With an $11.6 billion rise in cash, the firm ended the quarter with a cash balance of $30.5 billion and $22 billion in free cash flow. The debt-to-capital ratio is currently at 19%, which is barely below the low end of the target range set by the company. The stock price return for Exxon Mobil (NYSE:XOM) indicates a 69% YTD gain and a 67% increase over the previous year.
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Author Jowi Kwasu 
