Exxon Mobil (XOM) Q3 2024 earnings summary

Executive summary

• Q3 2024 earnings were $8.6 billion, among the best third quarters in a decade, driven by enterprise-wide transformation, record-high liquids production of 3.2 million barrels per day—the highest in over 40 years—and strong operational performance.

• Year-to-date earnings for 2024 totaled $26.1 billion, down from $28.4 billion in 2023, as lower refining margins and natural gas prices offset volume growth and cost savings.

• Achieved $11.3 billion in structural cost savings since 2019, with $1.6 billion realized in the first nine months of 2024, and on track for $15 billion by 2027.

• Distributed $12.3 billion in dividends and repurchased $13.8 billion in stock year-to-date, with a 4% dividend increase to $0.99 per share for Q4, marking 42 consecutive years of annual dividend growth.

• Closed the $63 billion all-stock acquisition of Pioneer Natural Resources, adding significant Permian assets and over 2 billion oil-equivalent barrels of reserves.

Financial highlights

• Q3 2024 revenue was $87.8 billion, with net income of $8.6 billion and EPS of $1.92, down from $9.1 billion and $2.25 per share a year earlier.

• Cash flow from operations reached $42.8 billion year-to-date, with free cash flow at $26.4 billion and $27.0 billion in cash at period end.

• Capital and exploration expenditures were $7.2 billion in Q3 and $20 billion year-to-date, aligning with full-year guidance of $28 billion.

• Debt-to-capital ratio stood at 13%, and net-debt-to-capital ratio at 5%, with $4.7 billion in debt repaid year-to-date.

• Total shareholder return led international oil companies across multiple timeframes, with 20% YTD TSR.

Outlook and guidance

• Full-year 2024 capital and exploration expenditures are expected to be $28 billion; actual spending may vary with project progress and acquisitions.

• Plans to repurchase over $19 billion of shares in 2024, with a $20 billion annual buyback pace expected through 2025.

• On track to achieve $15 billion in cumulative structural cost savings by end of 2027.

• Golden Pass LNG project delayed by about six months, with first LNG expected by late 2025 or early 2026.

• Plan to reach FID on Baytown low-carbon hydrogen facility in 2025, with startup in 2029, pending regulatory clarity.