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Exxon Mobil Corporation’s (XOM - Free Report) third-quarter 2021 earnings per share of $1.58 — excluding identified items — beat the Zacks Consensus Estimate by a penny and turned around from the year-ago loss of 18 cents.
Total revenues of $73,786 million beat the Zacks Consensus Estimate of $73,299 million and improved from the year-earlier figure of $46,199 million.
The strong quarterly results were owing to improved realized oil and natural gas prices as well as higher refining and chemical margins. The results reflect a significant recovery in fuel demand compared to last year, thanks to the rolling out of coronavirus vaccines at a massive scale.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
Like ExxonMobil, Chevron Corporation (CVX - Free Report) , another integrated energy giant, recently reported strong results for the third quarter.
Dividend Hike & Share Repurchase
On Oct 27, the company announced its fourth-quarter dividend at 88 cents per share, reflecting an increase from 87 cents in the third quarter of this year. Following the increase, the integrated energy giant’s annual dividend for 2021 is $3.49 per share, higher than $3.48 in 2020.
Looking at the dividend history, it has been clear that the company is strongly focused on returning capital back to shareholders, since over 39 consecutive years, the energy firm has hiked its annual dividend payment.
Along with the earnings release, the company reported its decision of launching up to a $10-billion share repurchase program next year. ExxonMobil will conduct the stock buyback program over 12 to 24 months.
Operational Performance
Upstream
The segment reported quarterly earnings of $3,951 million against a loss of $383 million in the year-ago comparable quarter. This upside was primarily driven by higher commodity prices, offset partially by lower oil-equivalent production volumes.
Operations in the United States recorded a profit of $869 million against a loss of $681 million in the September quarter of 2020. The company reported profits of $3,082 million from non-U.S. operations, which surged from only $298 million of earnings in the year-ago quarter.
Production: Total production averaged 3,665 thousand barrels of oil-equivalent per day (MBoe/d), lower than 3,672 MBoe/d a year ago, reflecting the impact of divestments and production limit of Groningen gas field.
Liquid production increased to 2,313 thousand barrels per day (MBbls/d) from 2,286 MBbls/d in the prior-year quarter. The outperformance was owing to higher production, primarily in the United States. Natural gas production was 8,110 million cubic feet per day (Mmcf/d), down from 8,316 Mmcf/d a year ago primarily due to lower output from Europe and Asia.
Price Realization: In the United States, the company recorded crude price realization of $67.62 per barrel, significantly higher than the year-ago quarter’s $36.80. The same metric for non-U.S. operations rose to $64.89 per barrel from the year-ago $38.30.
Natural gas prices in the United States were recorded at $3.33 per thousand cubic feet (Mcf), higher than the year-ago quarter’s $1.62. Also, in the non-U.S. section, the metric improved to $9.03 per Mcf from $3.41 in third-quarter 2020.
Downstream
The segment recorded a profit of $1,255 million against a loss of $231 million a year ago due to improved refining margins from the United States and non-U.S. operations.
ExxonMobil's refinery throughput averaged 4,051 MBbls/d, higher than the year-earlier level of 3,759 MBbls/d. Petroleum product sales rose to 5,327 MBbls/d from 5,023 MBbls/d a year ago.
Chemical
This unit recorded a $2,140-million profit, skyrocketing from earnings of $661 million in the year-ago quarter on significantly higher margins from U.S. and non-U.S. operations. Prime product sales rose to 6,672 thousand metric tons (kt) from 6,624 kt a year ago.
Financials
During the quarter under review, ExxonMobil generated cash flow of $12,109 million from operations and asset divestments. The company's capital and exploration spending declined 6.8% year over year to $3,851 million.
At the end of third-quarter 2021, total cash and cash equivalents were $4.8 billion and debt amounted to $56.6 billion.
Zacks Rank & Other Stocks to Consider
The company sports a Zacks Rank #1 (Strong Buy). Other prospective stocks from the energy space include Whiting Petroleum Corporation and Comstock Resources, Inc. (CRK - Free Report) . Both the stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Comstock is expected to witness earnings growth of 378.3% in 2021.
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ExxonMobil (XOM) Tops Q3 Earnings Estimates, Plans $10B Buyback
Exxon Mobil Corporation’s (XOM - Free Report) third-quarter 2021 earnings per share of $1.58 — excluding identified items — beat the Zacks Consensus Estimate by a penny and turned around from the year-ago loss of 18 cents.
Total revenues of $73,786 million beat the Zacks Consensus Estimate of $73,299 million and improved from the year-earlier figure of $46,199 million.
The strong quarterly results were owing to improved realized oil and natural gas prices as well as higher refining and chemical margins. The results reflect a significant recovery in fuel demand compared to last year, thanks to the rolling out of coronavirus vaccines at a massive scale.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
Exxon Mobil Corporation price-consensus-eps-surprise-chart | Exxon Mobil Corporation Quote
Like ExxonMobil, Chevron Corporation (CVX - Free Report) , another integrated energy giant, recently reported strong results for the third quarter.
Dividend Hike & Share Repurchase
On Oct 27, the company announced its fourth-quarter dividend at 88 cents per share, reflecting an increase from 87 cents in the third quarter of this year. Following the increase, the integrated energy giant’s annual dividend for 2021 is $3.49 per share, higher than $3.48 in 2020.
Looking at the dividend history, it has been clear that the company is strongly focused on returning capital back to shareholders, since over 39 consecutive years, the energy firm has hiked its annual dividend payment.
Along with the earnings release, the company reported its decision of launching up to a $10-billion share repurchase program next year. ExxonMobil will conduct the stock buyback program over 12 to 24 months.
Operational Performance
Upstream
The segment reported quarterly earnings of $3,951 million against a loss of $383 million in the year-ago comparable quarter. This upside was primarily driven by higher commodity prices, offset partially by lower oil-equivalent production volumes.
Operations in the United States recorded a profit of $869 million against a loss of $681 million in the September quarter of 2020. The company reported profits of $3,082 million from non-U.S. operations, which surged from only $298 million of earnings in the year-ago quarter.
Production: Total production averaged 3,665 thousand barrels of oil-equivalent per day (MBoe/d), lower than 3,672 MBoe/d a year ago, reflecting the impact of divestments and production limit of Groningen gas field.
Liquid production increased to 2,313 thousand barrels per day (MBbls/d) from 2,286 MBbls/d in the prior-year quarter. The outperformance was owing to higher production, primarily in the United States. Natural gas production was 8,110 million cubic feet per day (Mmcf/d), down from 8,316 Mmcf/d a year ago primarily due to lower output from Europe and Asia.
Price Realization: In the United States, the company recorded crude price realization of $67.62 per barrel, significantly higher than the year-ago quarter’s $36.80. The same metric for non-U.S. operations rose to $64.89 per barrel from the year-ago $38.30.
Natural gas prices in the United States were recorded at $3.33 per thousand cubic feet (Mcf), higher than the year-ago quarter’s $1.62. Also, in the non-U.S. section, the metric improved to $9.03 per Mcf from $3.41 in third-quarter 2020.
Downstream
The segment recorded a profit of $1,255 million against a loss of $231 million a year ago due to improved refining margins from the United States and non-U.S. operations.
ExxonMobil's refinery throughput averaged 4,051 MBbls/d, higher than the year-earlier level of 3,759 MBbls/d. Petroleum product sales rose to 5,327 MBbls/d from 5,023 MBbls/d a year ago.
Chemical
This unit recorded a $2,140-million profit, skyrocketing from earnings of $661 million in the year-ago quarter on significantly higher margins from U.S. and non-U.S. operations. Prime product sales rose to 6,672 thousand metric tons (kt) from 6,624 kt a year ago.
Financials
During the quarter under review, ExxonMobil generated cash flow of $12,109 million from operations and asset divestments. The company's capital and exploration spending declined 6.8% year over year to $3,851 million.
At the end of third-quarter 2021, total cash and cash equivalents were $4.8 billion and debt amounted to $56.6 billion.
Zacks Rank & Other Stocks to Consider
The company sports a Zacks Rank #1 (Strong Buy). Other prospective stocks from the energy space include Whiting Petroleum Corporation and Comstock Resources, Inc. (CRK - Free Report) . Both the stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Comstock is expected to witness earnings growth of 378.3% in 2021.