Record refinery throughput and higher oil prices raised ExxonMobil’s NYSE XOM earnings for the third quarter compared to the second quarter, but the profit missed Wall Street expectations anyway. Exxon reported on Friday earnings of $9.1 billion for the third quarter, compared with second-quarter earnings of $7.9 billion.
Exxon’s earnings per share came in at $2.25, missing the Street consensus of $2.37. Following the results release, Exxon’s shares were marginally higher by 0.4% as the market opened, due to strong cash flows for Q3 and the dividend increase which was a penny higher than expectations. Exxon, which has raised its annual dividend for 41 consecutive years, declared a fourth-quarter dividend of $0.95 per share, payable on December 11, 2023. The dividend was increased by $0.04 per share, or 4%.