Exxon Posts Strong Quarterly Earnings With Production in Guyana and the Permian Basin Picking Up

Exxon Mobil reported strong a strong third-quarter performance Friday, bolstered by strong Guyana and Permian Basin production.

Exxon earned $7.55 billion, or $1.76 per share, for the period ended Sept. 30. It earned $8.61 billion, or $1.92 per share, in the prior-year period.

Removing one time costs and benefits, earnings were $1.88 per share, which topped the $1.81 per share that Wall Street was looking for, according to a survey by Zacks Investment Research. Exxon does not adjust its reported results based on one-time events such as asset sales.

Revenue totaled $85.29 billion, which was short of the $86.77 billion that analysts had projected.

Third-quarter net production was 4.7 million oil-equivalent barrels per day. That was an increase of 1.1 million oil-equivalent barrels per day when compared with the second quarter.

Guyana production topped 700,000 barrels per day in the quarter. The Permian Basin set a production record of almost 1.7 million oil-equivalent barrels per day.

Oil prices have been relatively low for the past few years and in mid-October the cost for a barrel of U.S. benchmark crude fell below $57, its lowest level since early 2021. The price for a barrel of U.S. benchmark crude did rise near $79 a barrel early this year, just before President Donald Trump took office, a price not necessarily considered outrageously elevated by most analysts.

Russia is the leading non-OPEC member in the 22-country alliance. The group’s next meeting is scheduled for Sunday.

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