In its third-quarter 2024 report, ExxonMobil announced earnings of $8.6 billion, with diluted earnings per share at $1.92. The company generated $17.6 billion in operating cash flow and reported free cash flow of $11.3 billion. Year-to-date, capital expenditures reached $20 billion, aligning with the company’s annual guidance of $28 billion. ExxonMobil cited record-high liquid production, reaching 3.2 million barrels per day, and a 10 percent increase in high-value product sales compared to the previous year.
ExxonMobil continues its shareholder returns strategy, distributing $9.8 billion this quarter and increasing its fourth-quarter dividend to $0.99 per share. The company also noted progress in carbon capture and storage, having secured agreements for the storage of 6.7 million metric tons of CO₂ annually. Additionally, ExxonMobil’s partnership with ADNOC on a hydrogen project in Texas aims for a low-carbon footprint, capturing nearly all carbon emissions.
CEO Darren Woods highlighted these results as indicative of ExxonMobil’s strengthened structural earnings capacity and commitment to shareholder value. The company’s ongoing cost-saving measures have yielded $11.3 billion in structural savings since 2019, with a target of $15 billion by 2027.
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