The results highlighted Exxon’s strength in refining as it managed to increase profits at its US downstream operations despite Hurricane Harvey, which shuttered many of the company’s largest US Gulf Coast refineries in late August.
Production of oil and gas also increased, even in the United States despite the storm, helped by higher pricing.
“A 50% increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability,” Darren Woods, Exxon’s chief executive officer, said in a statement.
Third-quarter net income jumped to $3.97bn, or 93 cents per share, from $2.65bn, or 63 cents per share, in the year-ago period.
Exxon said Harvey dented quarterly earnings by 4 cents per share. Excluding the effects from the storm, Exxon earned 97 cents per share.
By that measure, analysts expected 86 cents per share, according to Thomson Reuters I/B/E/S.
Chevron
Chevron Corp reported a lower-than-expected quarterly profit yesterday as US production slipped, offsetting a rise in oil and natural gas prices.
Shares of the San Ramon, California-based company fell 1.2% to $117 in pre-market trading.
The stock has gained less than 1% this year.
Net income in the third quarter was $1.95bn, or $1.03 per share, compared with $1.28bn, or 68 cents per share, a year earlier.
Excluding one-time items, Chevron earned 85 cents per share.
By that measure, analysts expected earnings of 98 cents per share, according to Thomson Reuters I/B/E/S.
Despite the miss, Chevron said its results were moving in the right direction, with spending on large projects being scaled back.
“We continue to see improvement in the underlying pattern of earnings and cash flow,” said chief executive John Watson, who will retire early next year. Chevron’s operations were largely not affected by Hurricane Harvey, which tore through the western US Gulf Coast region in August.
Imperial Oil
Canadian oil producer and refiner Imperial Oil yesterday reported a smaller quarterly profit from a year ago when it realised a C$716mn gain from the sale of some its retail sites.
The company reported a net profit of C$371mn ($287.80mn), or 44 Canadian cents per share, in the third quarter ended September 30, from C$1bn, or C$1.18 per share, a year earlier.
Total revenue and other income fell to C$7.16bn from C$7.44bn as production fell marginally.