Exxon Mobil beats by $0.65, beats on revs
- Reports Q3 (Sep) earnings of $4.45 per share, excluding non-recurring items, $0.65 better than the S&P Capital IQ Consensus of $3.80; revenues rose 51.9% year/year to $112.07 bln vs the $102.96 bln S&P Capital IQ Consensus.
- Upstream third-quarter 2022 earnings were $12.4 billion compared to $11.4 billion in the second quarter. Excluding identified items, earnings were $11.8 billion, an increase of $0.8 billion from the previous quarter.
- Gas realizations increased 22% on European supply concerns and efforts to build inventory ahead of winter, more than offsetting the impact of decreasing crude realizations, which were down 12% on modest supply increases.
- Earnings also benefited from higher volumes and improved mix from growth in the company's advantaged assets in Guyana and the Permian. Oil-equivalent production in the third quarter was 3.7 million barrels per day. Absent divestments and the Russia exit impact, sequential quarter volume growth was more than 50,000 oil-equivalent barrels per day. The Permian delivered record production in the quarter of nearly 560,000 oil-equivalent barrels a day.