ExxonMobil reported earnings of $19.7 billion for the third quarter of 2022, or $4.68 per share assuming dilution.

The third-quarter results included one-time advantages from tax and other reserve adjustments as well as net favorable identified items of over $1 billion related to the completion of the XTO Energy Canada and Romania Upstream subsidiary divestments, which were partially offset by impairments. The third quarter saw $5.7 billion in capital and exploration spending, bringing 2022 investments to date to $15.2 billion, on track with full-year expectations of $21 billion to $24 billion.

Earnings and cash flow from operating activities increased to $19.7 billion and $24.4 billion, respectively, as strong volume performance—including record refining volumes1—rigorous cost control, higher natural gas realizations, and lower crude realizations—more than offset weaker industry refining margins.

Delivered excellent oil and gas production for the quarter, including record Permian production of approximately 560,000 oil equivalent barrels per day to better meet demand; total output climbed by 50,000 oil equivalent barrels per day year over year.

Declared a $0.91 per share dividend for the fourth quarter, an increase of $0.03 per share, paying out a total of $15 billion for the year.

“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today,” commented Darren Woods, chairman and chief executive officer. “We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective.”

Earnings for the third quarter of 2022 were $19.7 billion compared to $17.9 billion for the second quarter.

The third quarter saw a cash rise of $11.6 billion and a $22 billion free cash flow. The business distributed $8.2 billion to shareholders during the quarter, including $3.7 billion in dividends and $4.5 billion in share repurchases, bringing the total for the year to $10.5 billion, in line with its goal of repurchasing up to $30 billion in shares by 2023.

With a $30.5 billion cash balance at period’s conclusion, net debt to capital ratio increased to around 7%. With a current debt-to-capital ratio of 19%, the company is currently achieving its target range.

ExxonMobil and CF Industries, a leading global manufacturer of hydrogen and nitrogen products, have entered into the largest-of-its-kind commercial agreement to capture and permanently store up to 2 million metric tons of carbon dioxide (CO2) emissions annually from CF Industries’ manufacturing complex in Louisiana. The project, which is scheduled to start up in early 2025, supports Louisiana’s objective of net zero CO2 emissions by 2050.

ExxonMobil and EnLink Midstream have a contract for the project that calls for the delivery of CO2 to safe, long-term geologic storage underground. The 2 million metric tons of emissions that were caught are equal to about 700,000 gasoline-powered cars being replaced with electric cars.