ExxonMobil Corporation on Friday announced robust third-quarter earnings totalling US$8.6 billion, or US$1.92 per diluted share, for 2024, underpinned by contributions from its operations in Guyana’s prolific Stabroek Block.
The American oil major reported year-to-date upstream earnings at US$18.9 billion, marking a US$1.7 billion increase over the same period last year, when tax-related impacts weighed on results. Excluding these identified items, earnings for this year grew by US$1.5 billion, driven by volume growth from advantaged assets, particularly record-breaking production in Guyana, heritage Permian assets, and Pioneer Natural Resources, alongside structural cost savings.
ExxonMobil highlighted that while these positive factors bolstered earnings, they were partially offset by increased depreciation costs and reduced base volumes due to divestments of non-strategic assets and government-mandated curtailments. Despite this, the company’s third-quarter net production reached 4.6 million oil-equivalent barrels per day, up 5% from the previous period. The quarterly increase of 224,000 barrels per day includes a full quarter of Pioneer volumes, though it was offset somewhat by lower volumes from Guyana, as the Liza 1 and Liza 2 projects were taken offline for planned tie-ins to support Guyana’s ambitious gas-to-energy project.
“We delivered one of our strongest third quarters in a decade,” commented Darren Woods, ExxonMobil’s chairman and CEO. “Our industry-leading results continue to demonstrate how our enterprise-wide transformation is improving the structural earnings power of the company. In the Upstream, we’ve doubled the profitability of the barrels we produce on a constant price basis.”
It should be noted that ExxonMobil’s ongoing focus on efficiency and structural cost savings has generated US$11.3 billion in cost reductions since 2019. This commitment has allowed Exxon to deliver a 20% return to shareholders so far this year. “Our strategy is delivering leading returns of 20% so far this year for our shareholders, and we are continuing that growth with a 4% increase in our quarterly dividend payment,” Woods noted, adding that Exxon’s consistency in dividend growth—a 42-year streak—places it among an elite group, as less than 4% of S&P 500 companies can match this achievement.
As ExxonMobil leverages strategic assets and cost efficiencies, it continues to drive value for shareholders while strengthening its position in key energy markets, with Guyana playing a pivotal role in this trajectory.
