01—Abstract
Summary
Summary of the 10-Q filed November 4, 2024. Cited figures are marked; the original filing is the authoritative source.
ExxonMobil Corporation (XOM) reported revenues of $87.8 billiona for the third quarter of 2024 and $258.2 billion for the first nine months of the year.
Net income attributable to ExxonMobil for the third quarter was $8.6 billionb, a slight decrease from $9.1 billion in the prior year period. For the first nine months, net income was $26.1 billion, down from $28.4 billion in the same period of 2023. The company's performance was impacted by weaker industry refining margins and higher Upstream depreciation, partially offset by favorable timing effects from derivatives and increased volumes from advantaged Upstream investments, notably from the Permian Basin and Guyana.
The acquisition of Pioneer Natural Resources, completed in May 2024, continues to be integrated and contributed to higher volumes. Total capital and exploration expenditures for the nine months were $20.0 billionc, an increase from the prior year, reflecting continued investment in growth projects.
The company returned significant capital to shareholders through $12.3 billiond in dividends and $13.8 billion in share repurchases during the first nine months of 2024. ExxonMobil maintains a strong liquidity position with substantial cash and cash equivalents.
02—Key points
Key Highlights
- Third quarter 2024 net income attributable to ExxonMobil was $8.6 billion, a decrease from $9.1 billion in Q3 2023.
- First nine months 2024 net income attributable to ExxonMobil was $26.1 billion, a decrease from $28.4 billion in the first nine months of 2023.
- Revenue for the nine months ended September 30, 2024, was $258.2 billion, an increase from $253.0 billion in the same period of 2023.
- The company invested $20.0 billion in capital and exploration expenditures during the first nine months of 2024, up from $18.6 billion in the prior year.
- Shareholders received $12.3 billion in dividends and $13.8 billion in share repurchases during the first nine months of 2024.
- The acquisition of Pioneer Natural Resources in May 2024 is being integrated and contributed to increased Upstream volumes.
- Weaker industry refining margins and higher Upstream depreciation impacted third quarter earnings, offset by favorable timing effects and advantaged volume growth.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2024filed November 4, 2024Financial Statements
Q3 FY2024 against Q3 FY2023
| Line item | Q3 FY2024Q3 FY2023 | Change |
|---|---|---|
| Revenue | $90.02B$90.76B | −0.8% |
| SG&A Expenses | $2.30B$2.49B | −7.8% |
| Operating Expenses | $76.99B$77.06B | −0.1% |
| Interest Expense | $207.00M$169.00M | +22.5% |
| Net Income | $8.61B$9.07B | −5.1% |
| EPS (Basic) | $1.92$2.25 | −14.7% |
| EPS (Diluted) | $1.92$2.25 | −14.7% |
| Shares Outstanding (Basic) | 4.46B4.03B | +10.9% |
05—Questions
Frequently Asked Questions
What was ExxonMobil's net income for the third quarter of 2024?
ExxonMobil's net income attributable to ExxonMobil for the third quarter of 2024 was $8.6 billion, compared to $9.1 billion in the third quarter of 2023.
How did the acquisition of Pioneer Natural Resources impact the results?
The acquisition of Pioneer Natural Resources, completed in May 2024, contributed to higher Upstream volumes, particularly in the Permian Basin, and is currently undergoing integration. The financial results reflect the contributions from Pioneer since the acquisition date.
What is the company's outlook on capital expenditures and shareholder returns?
For 2024, ExxonMobil anticipates total capital and exploration expenditures of approximately $28 billion. The company continues to prioritize investing in high-return projects, maintaining a strong balance sheet, and returning capital to shareholders through dividends and share repurchases. In the first nine months of 2024, dividends totaled $12.3 billion and share repurchases were $13.8 billion.
How did market conditions affect the Energy Products segment?
The Energy Products segment experienced weaker industry refining margins in the third quarter of 2024 compared to the prior year, which negatively impacted earnings. This was partially offset by favorable timing effects from derivatives.
06—Continue