(ExxonMobil) Exxon Mobil reported $6.8 billion profit or $1.57 per diluted share earnings in the third quarter of 2021, an increase from a loss of 680 million or -$0.15 per share in the prior year.
Over the nine-month period, Exxon Mobil’s earnings were $14.17 billion, up from a loss of $2.370 billion last year. The earnings reflected improved fuel demand, operations, and cost control.
The company reported $12.1 billion of operating cash flows, which more than covered its dividend plus a $4 billion additional reduction of debt. The Q4 dividend was raised to $0.88 per share.
The company spent $3.9 billion in capital and exploration, taking total outlays in the year-to-date to $10.8 billion. Oil equivalent production in Q3 was 3.7 million barrels per day.
Exxon Mobil expects its annual capital investments in the future to range between $20 billion and $25 billion, with four times increase in spending on low-carbon projects putting it on track to hitting the 2025 emission-reduction targets.
The company announced a share repurchase program of up to $10 billion over one to two years starting 2022.
XOM: NYSE is up +1.59% on premarket.
