Exxon’s Q3 revenue at $73.7B, rising 60% YoY
Exxon Mobil Corp. stated in its third-quarter earnings release on Friday that its revenue increased 60% on a yearly basis to $73.7 billion. Net income for the period amounted to $6.8 billion, compared to a loss of $680 million in the same quarter in 2020. Earnings per share (EPS) came to $1.57, compared to a loss per share of $0.15 in Q3 2020.
Oil-equivalent production in the third quarter was 3.7 million barrels per day, or 4% higher year-on-year. The company also stated it is on track to achieve 2025 emission-reduction plans by year-end.
“We expect to increase the level of spending in lower-emission energy solutions by four times over the prior plan, adding projects with strong returns as well as seeding some development investment in large hub projects that require further policy support… We anticipate the company’s strong cash flow outlook will enable us to further increase shareholder distributions by up to $10 billion through a share repurchase program over 12-24 months, beginning in 2022,” said CEO Darren Woods.
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