Exxon Q3 Mixed Results, Production Gains, EU Exit Warning

ExxonMobil reported mixed third-quarter results with net income of about $7.55 billion ($1.76 per share) and adjusted EPS of $1.88 that topped estimates, while revenue of $85.29 billion missed projections. Companywide production and throughput rose to roughly 4.7–4.8 million oil‑equivalent barrels per day, driven by Guyana (>700,000 b/d) and a Permian record near 1.7 million boe/d, with higher U.S./Canada refinery throughput offsetting weaker European refining. Cash from operations and asset sales totaled $14.93 billion, and the company said weaker crude and chemical/basestock margins reduced revenues and cash flow, though finished lube margins offered some offset. Exxon returned $9.4 billion to shareholders and raised its dividend 4% (its 43rd consecutive annual increase) while keeping capital spending within guidance and continuing cost‑savings efforts. CEO Darren Woods warned Exxon might consider leaving the EU if the Corporate Sustainability Due Diligence Directive remains unchanged, and said the Abu Dhabi Upper Zakum expansion to 1.5 million b/d is likely ahead of schedule, with discussions underway about returning to Iraq’s Majnoon field. Shares ticked up on the results and at least one analyst raised its price target, even as Exxon and peers signaled plans to keep increasing production amid ~$60/bbl oil.