popular articles

ExxonMobil Third Quarter Results Down

ExxonMobil reported disappointing third-quarter results, marked by a significant drop in net income, while justifying these figures by two strategic acquisitions aimed at strengthening its position in the energy sector and accelerating its transition to carbon neutrality.
ExxonMobil usine

Please share:

ExxonMobil’s Third Quarter results were marked by a significant drop in net income, while the company justifies these figures by its strategic acquisitions aimed at strengthening its position in the energy sector and accelerating its transition to carbon neutrality.

Third Quarter Results

During this period, ExxonMobil posted net earnings of $9.07 billion, down sharply on the record $19.66 billion achieved a year earlier. This decline was largely due to lower oil and gas prices on world markets.

The company used the announcement to justify two recent acquisitions, including that of Pioneer Natural Resources, a major player in the shale oil and gas sector. The deal, valued at $60 billion, is designed to boost production in the Permian Basin in the United States, thereby strengthening energy security and accelerating Pioneer’s path to carbon neutrality. Pioneer had planned to reach this target in 2050, but thanks to this merger, ExxonMobil claims it will happen as early as 2035.

A Commitment to Reducing CO2 Emissions

In addition, ExxonMobil recently announced the acquisition of Denbury, a US company specializing in CO2 capture, for $4.9 billion. This acquisition will strengthen the company’s “Low Carbon Solutions” branch, offering the Gulf Coast industry the capacity to reduce 100 million tonnes of CO2.

Impact on financial results

Despite these strategic developments, the figures speak for themselves. ExxonMobil’s third-quarter sales fell from $112 billion in 2022 to $90.76 billion this year. This decline is partly attributable to the surge in energy prices resulting from the situation in Ukraine, which had an impact on the company’s margins. Earnings per share, excluding exceptional items, were $2.27, ten cents below consensus.

Company Vision

Despite these challenges, ExxonMobil CEO Darren Woods remains optimistic. He pointed out that the company had recorded record production at its refineries, a recovery in oil prices and a more favorable environment for refining margins. However, he admitted to lower margins in the chemicals business and temporary challenges that he expects to fade over time.

In conclusion, ExxonMobil’s third-quarter results reflect the challenges facing the oil and gas industry. The company has a bold vision, investing in strategic acquisitions to achieve its CO2 reduction targets. The company’s future seems to depend on its ability to adapt to an ever-changing energy landscape.

 

Register free of charge for uninterrupted access.

Publicite

Recently published in

ExxonMobil has announced the upcoming retirement of Karen McKee and the appointment of Matt Crocker as president of the Product Solutions division, marking a key change in the group’s governance effective 1 May 2025.
France now counts over 100 long-term electricity purchase agreements, totalling 2 GW, mainly driven by the rise of photovoltaics and the expansion of hybrid and multi-buyer models.
France now counts over 100 long-term electricity purchase agreements, totalling 2 GW, mainly driven by the rise of photovoltaics and the expansion of hybrid and multi-buyer models.
UK-based manager Schroders Greencoat acquires a minority stake in ten Repsol renewable assets in Spain, valued at €580mn, reinforcing its investment strategy in the European energy transition.
UK-based manager Schroders Greencoat acquires a minority stake in ten Repsol renewable assets in Spain, valued at €580mn, reinforcing its investment strategy in the European energy transition.
Swiss fund Energy Infrastructure Partners increases its stake in Plenitude to 10% after a total €800mn investment, confirming a post-transaction equity valuation of €8bn.
Swiss fund Energy Infrastructure Partners increases its stake in Plenitude to 10% after a total €800mn investment, confirming a post-transaction equity valuation of €8bn.
TotalEnergies has completed strategic acquisitions in the wind, solar and hydropower sectors across Europe, Africa and Canada, thereby reinforcing its integrated power business in several key markets.
Trinasolar ISBU will supply solar electricity to Equinix for 20 years through an agreement centred on the 30 MW Yufutsu Abira project in Hokkaidō Prefecture.
Trinasolar ISBU will supply solar electricity to Equinix for 20 years through an agreement centred on the 30 MW Yufutsu Abira project in Hokkaidō Prefecture.
TerraForm Power reached a $34.5mn court settlement with its former chairman Carlos Domenech, nine years after his dismissal, ending a case tied to SunEdison's financial management.
TerraForm Power reached a $34.5mn court settlement with its former chairman Carlos Domenech, nine years after his dismissal, ending a case tied to SunEdison's financial management.
Chinese group Sinopec reported annual revenue of CNY 3,070 bn and net profit of CNY 48.94 bn, achieving record performance across its oil, gas and chemical segments.
Chinese group Sinopec reported annual revenue of CNY 3,070 bn and net profit of CNY 48.94 bn, achieving record performance across its oil, gas and chemical segments.
Maurel & Prom confirmed that US authorities cancelled its operating licence in Venezuela, while allowing it to finalise operations until 27 May.
Estonian state-owned energy group Eesti Energia plans to acquire all shares in its subsidiary Enefit Green in a voluntary takeover bid worth over €200mn, set to begin on April 8.
Estonian state-owned energy group Eesti Energia plans to acquire all shares in its subsidiary Enefit Green in a voluntary takeover bid worth over €200mn, set to begin on April 8.
Orano's French hydrometallurgy project has been designated as strategic by the European Commission under the Critical Raw Materials Act, aimed at securing the supply of critical raw materials.
Orano's French hydrometallurgy project has been designated as strategic by the European Commission under the Critical Raw Materials Act, aimed at securing the supply of critical raw materials.
TotalEnergies reported a 2.9% drop in emissions for 2024, reaffirming its climate strategy ahead of a key general meeting.
TotalEnergies reported a 2.9% drop in emissions for 2024, reaffirming its climate strategy ahead of a key general meeting.
Shell Global Solutions International B.V. has awarded McDermott a three-year framework agreement for engineering, procurement and project management services across several strategic markets.
Australian company Earth AI confirms six new mineral prospects, including cobalt and tungsten, discovered through its predictive exploration software based on artificial intelligence.
Australian company Earth AI confirms six new mineral prospects, including cobalt and tungsten, discovered through its predictive exploration software based on artificial intelligence.
Nexans is expanding its industrial capacity near Noyelles-Godault to recycle more copper, as global demand outpaces primary mining production.
Nexans is expanding its industrial capacity near Noyelles-Godault to recycle more copper, as global demand outpaces primary mining production.
Naturgy secures shareholder approval to buy back 10% of its shares to increase free float and boost market visibility.
Naturgy secures shareholder approval to buy back 10% of its shares to increase free float and boost market visibility.
Investment firm Ardian has completed the acquisition of renewable energy producer Akuo, active in photovoltaics, wind and storage, with stated ambitions for international expansion and increased capacity.
Shell aims to increase its cost reductions to USD 7 billion by 2028, leveraging artificial intelligence and targeted restructurings in its chemical divisions.
Shell aims to increase its cost reductions to USD 7 billion by 2028, leveraging artificial intelligence and targeted restructurings in its chemical divisions.
Global energy consumption growth doubled in 2024 compared to its ten-year average, fuelled by rising electricity use in advanced and emerging economies, according to a report by the International Energy Agency.
Global energy consumption growth doubled in 2024 compared to its ten-year average, fuelled by rising electricity use in advanced and emerging economies, according to a report by the International Energy Agency.
Crowley, in partnership with Naturgy, has launched LNG transport to Puerto Rico, bypassing restrictions imposed by the Jones Act to meet the island's energy demand.
Crowley, in partnership with Naturgy, has launched LNG transport to Puerto Rico, bypassing restrictions imposed by the Jones Act to meet the island's energy demand.
Brookfield has completed the acquisition of 97.73% of Neoen, a French renewable energy producer, and has initiated the process to withdraw the company from the Paris Stock Exchange.
Octopus Energy Generation announces four new investments in renewable energy in France, bringing the total capacity of its assets in the country to over 500 MW, with a target of one billion euros invested by 2025.
Octopus Energy Generation announces four new investments in renewable energy in France, bringing the total capacity of its assets in the country to over 500 MW, with a target of one billion euros invested by 2025.
Nexans has announced that it has entered into exclusive negotiations with the investment fund Latour Capital for the sale of Lynxeo, its industrial cable division, for an amount of 525 million euros. This transaction is part of the group’s strategy to focus on electrification.
Nexans has announced that it has entered into exclusive negotiations with the investment fund Latour Capital for the sale of Lynxeo, its industrial cable division, for an amount of 525 million euros. This transaction is part of the group’s strategy to focus on electrification.
Lyon-based company Carester has begun construction of a rare earth recycling and refining plant in Lacq, Pyrénées-Atlantiques, after securing €216 million in funding from the French government and Japanese partners. The site, named Caremag, is set to begin operations by the end of 2026.
Lyon-based company Carester has begun construction of a rare earth recycling and refining plant in Lacq, Pyrénées-Atlantiques, after securing €216 million in funding from the French government and Japanese partners. The site, named Caremag, is set to begin operations by the end of 2026.

Advertising