ExxonMobil reports $15.4 billion in Q3 earnings

ExxonMobil reported third-quarter net earnings of $15.4 billion and adjusted earnings of $17.5 billion, or $4.23 per share, as stronger refining results helped lift profits. The company also announced plans to repurchase $20 billion of its shares in 2027. Adjusted earnings rose from $14.68 billion in the second quarter, while net earnings increased from $14.53 billion. ExxonMobil’s Energy Products segment earned $7.2 billion, up from $5.5 billion in the previous quarter. Upstream earnings, however, fell to $7.1 billion from $7.9 billion, while Chemical Products earnings declined and Specialty Products earnings increased. The company said its U.S. Gulf Coast refineries operated at full utilization during the quarter and produced the second-highest diesel volume on record at those sites. In a preliminary statement on October 16, ExxonMobil estimated that higher refining margins added $4.5 billion to its third-quarter earnings. The company’s operating figures and earnings are company-reported; the estimate does not isolate the contribution of any one market or geopolitical factor. Fuel prices were elevated during the quarter, and reports linked supply disruptions, including those...