ExxonMobil Beats Q3 Earnings Estimates, Boosts Dividend Again

Core Insights - Exxon Mobil Corporation (XOM) reported third-quarter 2025 earnings per share of $1.88, exceeding the Zacks Consensus Estimate of $1.81, but down from $1.92 in the same quarter last year [1][10] - Total revenues for the quarter were $85.3 billion, falling short of the Zacks Consensus Estimate of $86.8 billion and down from $90.02 billion year-over-year [1][10] Financial Performance - The better-than-expected earnings were driven by higher oil equivalent production volumes and increased natural gas prices, although these were partially offset by lower crude oil price realizations [2] - ExxonMobil's quarterly dividend was raised to $1.03 per share for Q4 2025, marking the 43rd consecutive year of annual dividend increases, representing a 4% increase from the previous quarter's dividend of $0.99 [3] Operational Performance - The upstream segment reported earnings of $5.68 billion, down from $6.16 billion year-over-year, but slightly above the estimate of $5.36 billion, primarily due to lower crude oil price realizations [4] - U.S. operations generated a profit of $1.23 billion, lower than $1.69 billion in the same quarter last year, while non-U.S. operations reported a profit of $4.45 billion compared to $4.47 billion year-over-year [5] - Average production was 4,769 thousand barrels of oil equivalent per day, an increase from 4,582 thousand barrels year-over-year, but below the estimate of 4,846.1 thousand barrels [5][6] Production Details - Liquids production rose to 3,380 thousand barrels per day from 3,187 thousand barrels per day in the prior year, although it missed the estimate of 3,402.6 thousand barrels [6] - Natural gas production totaled 8,334 million cubic feet per day, slightly down from 8,369 million cubic feet per day year-over-year, and also missed the estimate of 8,660.6 million cubic feet [7] Price Realization - Crude price realization in the U.S. was $63.56 per barrel, down from $72.94 year-over-year, and below the estimate of $64.07 [8] - Natural gas prices in the U.S. increased to $2.36 per thousand cubic feet from $1.16 year-over-year, but missed the estimate of $2.83 [9] Segment Performance - The Energy Products segment reported a profit of $1.84 billion, up from $1.31 billion year-over-year, driven by improved refining margins and increased volumes [11] - The Chemical Products segment recorded a profit of $515 million, down from $893 million year-over-year, but above the estimate of $433.2 million [12] - The Specialty Products segment reported a profit of $740 million, down from $794 million year-over-year, and below the estimate of $749.5 million [13] Financials - ExxonMobil generated $14.79 billion in cash flow from operations and asset divestments, with capital and exploration spending of $8.6 billion [14] - Total cash and cash equivalents stood at $13.81 billion, while long-term debt was $32.82 billion [14] Guidance - For 2025, cash capital expenditures are projected to be slightly below the lower end of the $27-$29 billion guidance, excluding acquisition costs [15] - The company expects Permian Basin production to average 1.6 million barrels of oil equivalent per day, contributing to total upstream production of 4.7 million barrels [15]