Exxon (XOM) Q3 Earnings Fall In-Line as Costs Rise, Production Ebbs
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Price: $165.11 -0.63%
Financial Fact:
Interest expense: 106M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Interest expense: 106M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Exxon Mobil (NYSE: XOM) is up slightly Thursday morning, following third-quarter results which saw a sharp jump in revenue and earnings amid improving crude and nat gas prices.
Revenue for Exxon moved 31.5 percent higher to $125.33 billion in the quarter, from $95.30 billion reported in the same period last year.
Net income moved 41 percent higher to $10.33 billion in the quarter, from $7.35 billion reported in the same period last year. Earnings per share increased about 48 percent from $1.44 last year to $2.13 in the third quarter. Earnings were down 2.8 percent from the second quarter.
Overall, the Street was looking for earnings of $2.13 and revenue of $113.56 billion.
Costs in the quarter increased 30 percent, compared to just a 13 percent increase in the same period last year.
Worldwide nat gas and crude production fell 7.1 percent to 2.249 million barrels per day. Europe was the sharpest drop, falling 16 percent to 247 thousand barrels per day. Exxon motes that "oil-equivalent production decreased 4 percent from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010."
U.S. consumption increased just 0.9 percent to 2.577 million barrels per day (MBD) for the quarter, while worldwide consumption of petrol fell 0.6 percent to 6.558 MBD.
Exxon bought-back about $5.5 billion of common in the quarter, and sees fourth-quarter buybacks of about $5 billion.
Shares of Exxon are up about 0.3 percent Thursday.
Revenue for Exxon moved 31.5 percent higher to $125.33 billion in the quarter, from $95.30 billion reported in the same period last year.
Net income moved 41 percent higher to $10.33 billion in the quarter, from $7.35 billion reported in the same period last year. Earnings per share increased about 48 percent from $1.44 last year to $2.13 in the third quarter. Earnings were down 2.8 percent from the second quarter.
Overall, the Street was looking for earnings of $2.13 and revenue of $113.56 billion.
Costs in the quarter increased 30 percent, compared to just a 13 percent increase in the same period last year.
Worldwide nat gas and crude production fell 7.1 percent to 2.249 million barrels per day. Europe was the sharpest drop, falling 16 percent to 247 thousand barrels per day. Exxon motes that "oil-equivalent production decreased 4 percent from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010."
U.S. consumption increased just 0.9 percent to 2.577 million barrels per day (MBD) for the quarter, while worldwide consumption of petrol fell 0.6 percent to 6.558 MBD.
Exxon bought-back about $5.5 billion of common in the quarter, and sees fourth-quarter buybacks of about $5 billion.
Shares of Exxon are up about 0.3 percent Thursday.
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