Third-quarter upstream earnings fell to $6.2bn due to reduced crude prices and increased exploration costs. Credit: Below the Sky / Shutterstock.

Exxon Mobil has reported earnings of $8.61bn in the third quarter (Q3) of 2024, a decline of 4.4% from the $9.01bn reported in the same period of 2023.

Total revenues and other income for the quarter stood at $90.01bn, an increase from the $90.76bn recorded in Q3 2023.

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Upstream earnings for Q3 2024 fell to $6.2bn due to reduced crude prices and increased exploration costs.

However, Exxon noted that the production reached 4.6 million oil-equivalent barrels per day, a 5% increase, including the highest liquids volumes in 40 years, along with structural cost savings.

This production growth has played a key role in sustaining the company’s earnings amidst fluctuating market conditions.

Capital and exploration expenditures amounted to $7.2bn in Q3, contributing to a total of $20bn for the year-to-date, which aligns with Exxon Mobil’s full-year guidance of $28bn.

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The energy products division experienced a decline in year-to-date earnings, coming in at $3.6bn compared with $8.9bn during the same period last year.

This drop is attributed to weaker industry refining margins, which have fallen from historically high levels due to supply outpacing record global demand.

In the first nine months, earnings stood at $26.1bn, a slight decrease from the $28.4bn reported in the comparable period of the previous year.

Total revenues and other income during the first three quarters were $266.15bn.

The company announced a Q4 dividend of $0.99 per share payable on 10 December 2024, to shareholders on record as of 14 November 2024.

ExxonMobil chairman and CEO Darren Woods said: “We delivered one of our strongest third quarters in a decade. In the upstream, we have doubled the profitability of the barrels we produce on a constant price basis.

“In product solutions, we have high-graded our refining footprint and increased high-value product sales. And across the entire company, we have achieved $11.3bn of structural cost savings since 2019.”