Exxon beats profit estimates as production hits 40-year high

ExxonMobil reported higher-than-expected Q3 earnings, with a profit of $8.61 billion ($1.92 per share), despite a 5% drop from last year due to lower oil and gas prices and weak refining margins.

Strong production growth, particularly in Guyana, the Permian, and from Pioneer assets, drove results, with Exxon achieving its highest liquid production in 40 years.

Refining margins suffered as global supply exceeded demand, impacting the energy products division. CEO Darren Woods highlighted this as one of Exxon’s strongest Q3s in a decade.

Chevron also reported strong Q3 earnings, boosted by record U.S. production.