Shares of Exxon Mobil (XOM) rose 0.5% in Thursday's trading session, thereby underperforming the wider equity markets which rallied hard. The integrated energy company reported its third quarter results.
Third Quarter Results
Exxon Mobil reported third quarter revenues of $115.7 billion, down 7.7% on the year. Revenues beat analysts consensus of $112.4 billion
The company reported a 7.4% decline in net income to $9.57 billion. Diluted earnings per share fell merely 2% to $2.09 on the result of sizable share buybacks. Earnings comfortably beat analysts consensus of $1.95 per share.
Oil production fell by 7.5% compared to the third quarter last year. Excluding the impact of entitlement volumes, quota effects and divestments, volumes were down 2.9%. Exxon produced an average of 3.96 million barrels of oil-equivalent per day during the quarter.
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