ExxonMobil reported earnings of $1.92 per share for Q3 2024, surpassing analysts’ expectations of $1.88 per share. Although their year-to-date earnings decreased to $26.1 billion from $28.4 billion last year due to lower refining margins and natural gas prices, they offset this decline with record high liquids production and increased high-value product sales.

“We delivered one of our strongest third quarters in a decade,” said Darren Woods, chairman and CEO. “Our industry-leading results demonstrate how our enterprise-wide transformation is improving the structural earnings power of the company. In the Upstream, we’ve doubled the profitability of the barrels we produce on a constant price basis.”

Exxon pumped a record 4.6 million barrels of oil equivalent per day (boepd) in the third quarter, up more than 24% from a year ago, as its $60 billion bet on Pioneer Natural Resources and purchase of Denbury paid off.

“In Product Solutions, we’ve high-graded our refining footprint and increased high-value product sales. Across the company, we’ve achieved $11.3 billion of structural cost savings since 2019,” Woods added.

ExxonMobil has delivered record high-value product sales volumes for Product Solutions, up 10% year-to-date. Moreover, the company returned $9.8 billion to shareholders in the quarter and increased the fourth-quarter dividend to $0.99 per share.

“Our strategy is delivering leading returns of 20% so far this year for our shareholders, and we continue that growth with a 4% increase in our quarterly dividend payment,” Woods noted.

Looking ahead, Exxon is not planning to slow down, according to Reuters.

“We see tremendous opportunities to invest in profitable growth in both our existing and new businesses,” said finance chief Kathryn Mikells.

In respect of climate solutions, ExxonMobil has secured the largest CO2 offshore storage site in the US, with 6.7 million metric tons per year.