Exxon Mobil (XOM) Q3 2024 earnings summary

Executive summary

• Q3 2024 earnings reached $8.6 billion, among the highest in a decade, driven by record liquids production, enterprise-wide transformation, and operational excellence, with a 42-year streak of annual dividend increases.

• Year-to-date earnings 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, on track for $15 billion by 2027.

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

• Industry-leading CCS agreements increased contracted CO2 offtake to 6.7 million metric tons per year.

Financial highlights

• Q3 2024 GAAP earnings: $8.6 billion; cash flow from operations: $17.6 billion; free cash flow: $11.3 billion.

• Year-to-date capital and exploration expenditures: $20 billion, in line with full-year guidance of ~$28 billion.

• Returned over $26 billion to shareholders year-to-date through $12.3 billion in dividends and $13.8 billion in share repurchases.

• 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 and $27.0 billion in cash at period end.

• Year-to-date total shareholder return: 20%, leading among international oil companies.

Outlook and guidance

• Full-year 2024 capital and exploration expenditures expected at ~$28 billion; transitioning to cash capex guidance in December.

• Full-year 2024 production forecast at ~4.3 million oil-equivalent barrels per day, including ~1.2 million from the Permian.

• Plans to repurchase over $19 billion of shares in 2024 and $20 billion in 2025, subject to market conditions.

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

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