Exxon earnings fall on lower oil prices as OPEC+ raises production

Core Viewpoint - Exxon Mobil reported a decline in third quarter earnings year over year, primarily due to falling oil prices influenced by OPEC+ increasing production [1][2]. Financial Performance - Net income decreased by 12% to $7.55 billion, or $1.76 per share, compared to $8.6 billion, or $1.92 per share in the same period last year [1]. - Adjusted earnings per share were reported at $1.88 [4]. - Revenue for the quarter was $85.3 billion, down from $87.7 billion [4]. Market Context - U.S. crude oil prices have fallen approximately 16% this year, attributed to increased production from OPEC+ and concerns over an economic slowdown due to tariffs [2]. - CEO Darren Woods noted that Exxon achieved its highest earnings per share during periods of declining oil prices [2].