Exxon's Fourth-Quarter Earnings Exceed Expectations, Lead to Higher Dividend Payout

• Although Exxon's profits decreased slightly from the previous year, it still managed to surpass Wall Street's earnings expectations.
• In the quarter, the oil major recorded a net income of $8.61 billion, which translates to $1.92 per share.
• In the quarter, the company distributed $9.8 billion to its shareholders and raised its fourth-quarter dividend to $0.99 per share.

Exxon Mobil exceeded third-quarter earnings predictions, achieving its highest liquids production in over 40 years.

"Exxon CEO Darren Woods stated on CNBC's Squawk Box on Friday that this quarter is one of the best third quarters the company has had in the past decade. He also mentioned that the upstream sector is experiencing record volumes from their advantage assets, such as Guyana and the Permian."

Based on a survey of analysts by LSEG, what was reported for the third quarter differed from what Wall Street had anticipated.

• The adjusted earnings per share were $1.92, exceeding the expected $1.88 per share.
• Revenues: $90 billion, vs. $93.94 billion expected

In the quarter, Exxon recorded a net income of $8.61 billion, or $1.92 per share, which is a 5% decrease compared to the $9.1 billion, or $2.25 per share, earned in the previous year. The decline in Exxon's profits can be attributed to the decrease in refining margins and natural gas prices, which were at historically high levels in 2023.

In the quarter, the company distributed $9.8 billion to its shareholders and raised its fourth-quarter dividend to $0.99 per share.

Exxon has achieved its highest production level in over 40 years with 3.2 million barrels per day.

Exxon shares have gained 16.8% this year, and its stock rose about 1% in pre-market trading.

This is a developing story. Please check back for updates.