- Exxon Mobil (NYSE:XOM) +0.9% premarket following a solid Q3 earnings beat and a 13% Y/Y increase in revenues, as commodity prices improved and performance strengthened in the Upstream and Downstream segments.
- XOM says impacts related to Hurricane Harvey reduced earnings by ~$0.04/share.
- Cash flow from operations and asset sales rose 33% to $8.4B, including proceeds associated with $854M in asset sales.
- XOM says Q3 upstream earnings rose to $1.6B as commodity prices increased and the company added 12 offshore blocks in Brazil during the quarter.
- Q3 Downstream earnings rose to $1.5B, despite Hurricane Harvey impacts and the absence of favorable asset management gains of $380M in the year-ago quarter from the sale of Canadian retail assets.
- Chemical earnings of $1.1B were slightly lower than a year ago on reduced commodity margins and hurricane impacts
- XOM says its global production rose 2% Y/Y to 3.9M boe/day
- Now read: Exxon Mobil Q3 Earnings Preview
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