Exxon Mobil reported a slump in third-quarter profit from the prior year but announced plans on Friday to raise its dividend. The oil major said its refineries were recording higher throughput than any third quarter since 1999.
The oil company produced 3.7 million barrels of oil a day for the quarter, in line with expectations. Exxon said its full-year capital and exploration spending is expected to be at the top end of its $23 billion to $25 billion guidance.This is breaking news. Read a preview of Exxon Mobil’s earnings below and check back for more analysis soon.
All that points to the company’s dilemma, at least when it comes to impressing Wall Street. While Exxon has explained its rationale for growing—the world will still need oil even as the energy transition accelerates—investors are less interested in production growth. They liked it when Exxon was keeping production steady over the last two years while becoming more efficient and shareholder-friendly.
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