Summary
ExxonMobil's third quarter 2019 report shows a significant year-over-year decline in net income, primarily driven by lower upstream realizations, weaker downstream and chemical margins, and increased expenses. For the three months ended September 30, 2019, net income attributable to ExxonMobil was $3.17 billion, or $0.75 per diluted share, down from $6.24 billion, or $1.46 per diluted share, in the same period of 2018. Despite the quarterly downturn, the company maintained substantial operational cash flow and continued to invest heavily in capital and exploration expenditures, particularly in the U.S. Permian Basin. The company also returned significant capital to shareholders through dividends. Key balance sheet items show an increase in total debt and a corresponding increase in the debt-to-total capital ratio, reflecting recent debt issuances. Investors should note the ongoing challenges in commodity prices and margins impacting profitability, alongside continued strategic investments.
Financial Highlights
43 data points| Revenue | $63.42B |
| SG&A Expenses | $2.75B |
| Operating Expenses | $60.33B |
| Interest Expense | $232.00M |
| Net Income | $3.17B |
| EPS (Basic) | $0.75 |
| EPS (Diluted) | $0.75 |
| Shares Outstanding (Basic) | 4.27B |
Key Highlights
- 1Net income for Q3 2019 was $3.17 billion, a decrease from $6.24 billion in Q3 2018, driven by lower upstream realizations and weaker downstream/chemical margins.
- 2Earnings per diluted share for Q3 2019 were $0.75, down from $1.46 in Q3 2018.
- 3Total capital and exploration expenditures for the first nine months of 2019 were $22.7 billion, a 25% increase from the prior year, with significant investment in the U.S. Permian Basin.
- 4Oil-equivalent production increased by 3% year-over-year in Q3 2019, primarily due to higher liquids volumes.
- 5The company distributed $10.9 billion in dividends to shareholders during the first nine months of 2019.
- 6Total debt increased to $47.1 billion at the end of Q3 2019 from $37.8 billion at year-end 2018, leading to a debt-to-total capital ratio of 19.3%.
- 7ExxonMobil is anticipating a gain of approximately $3.5 billion from the sale of its non-operated upstream assets in Norway, expected to close in Q4 2019.