ExxonMobil Earns $6.8 Billion In Third Quarter 2021
11.08.2021 By Ricardo Perez - NEWS

November 8, 2021 [eurasiareview] – Exxon Mobil Corporation announced Friday estimated third-quarter 2021 earnings of $6.8 billion, or $1.57 per share assuming dilution. Third-quarter capital and exploration expenditures were $3.9 billion, bringing year-to-date 2021 investments to $10.8 billion, as the company continued strategic investments in its advantaged assets, including Guyana, Permian Basin, and in Chemical.

 

Oil-equivalent production in the third quarter was 3.7 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 4% versus the prior-year quarter, including growth in the Permian and Guyana.

“All three of our core businesses generated positive earnings during the quarter, with strong operations and cost control, as well as increased realizations and improved demand for fuels,” said Darren Woods, chairman and chief executive officer.

“Free cash flow more than covered the dividend and $4 billion of additional debt reduction. With the progress made in restoring the strength of our balance sheet, this week we announced a dividend increase maintaining 39 consecutive years of annual dividend growth.”

“Next month, the board will finalize our corporate plan that supports investment in industry-advantaged, high-return projects, and a growing list of strategic and financially accretive lower-carbon business opportunities,” added Woods.

“The strong returns generated by our core businesses provide the near-term cash flows to fund lower-carbon opportunities that leverage our competitive strengths in technology, engineering and project development. We expect to increase the level of spend in lower-emission energy solutions by four times over the prior plan, adding projects with strong returns as well as seeding some development investment in large hub projects that require further policy support.

Retaining flexibility to strike a balance across our different investment opportunities, while maintaining a strong balance sheet, is critical to ensure our business produces accretive, long-term returns and remains resilient under a wide range of future scenarios. We anticipate the company’s strong cash flow outlook will enable us to further increase shareholder distributions by up to $10 billion through a share repurchase program over 12-24 months, beginning in 2022.”

Click Here to Access Today a 7,000 Tank Terminal Database With a Pro Trial
7,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Enbridge's Q3 Profit More than Doubles on Acquisition Contributions
11.04.2024 - NEWS
November 04, 2024 [Reuters]- Enbridge’s third-quarter profit more than doubled from a year... Read More
Aramco and Petrovietnam Sign Agreement to Explore Energy Cooperation
11.04.2024 - NEWS
November 04, 2024 [Yahoo Finance]- Aramco has entered into a Collaboration Framework Agreement wi... Read More
Shell's $6 Billion Profit Smashes Forecasts as LNG Offsets Weak Refining
11.04.2024 - NEWS
November 04, 2024 [Reuters]- Shell reported on Thursday third-quarter profits of $6 billion that... Read More
PBF Energy Posts Weak Q3 Results, Set to Cut $200 Million of Costs in 2025
11.04.2024 - NEWS
November 04, 2024 [Reuters]- U.S. refiner PBF Energy plans to save around $200 million in operat... Read More