Exxon Mobil stock up 2.3% premarket after earnings blow past estimates

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Exxon Mobil Corp. shares rose 2.3% in premarket trade Friday, after the energy giant blew past estimates for the third quarter. The Irving, Texas-based...

Exxon Mobil Corp. shares rose 2.3% in premarket trade Friday, after the energy giant blew past estimates for the third quarter. The Irving, Texas-based company posted net income of $19.7 billion, or $4.68 a share, for the quarter, up from $17.850 billion, or $4.21 a share, in the year-earlier period. Adjusted for one-time items, the company had per-share earnings of $4.45, well ahead of the $3.86 FactSet consensus. Revenue climbed to $112.070 billion from $73.

Earnings were driven by record refining volumes, strict cost controls and higher natural gas prices, which offset lower crude prices and weaker industry refining margins, the company said in a statement. The quarter included net favorable items of more than $1 billion related to the completion of the XTO Energy Canada and Romania upstream unit divestments, as well as benefits from tax and other reserve adjustments, partly offset by impairments.

 

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Tyler2fye With higher gas prices = higher earnings! This is pretty obvious.

Yes of course those that are most responsible for inflation are making record profits

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