Strategic acquisitions highlighted in robust third-quarter results

In a quarter marked by higher oil prices, Exxon Mobil Corporation demonstrated exceptional resilience and strategic acumen, reinforcing its position as an industry leader. The company's third-quarter 2023 earnings report, released on 27 October, revealed a robust performance, with earnings reaching $9.1 billion, equivalent to $2.25 per diluted share.

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Our company’s financial strength was underscored by its strong and growing free cash flow, a testament to our effective operational strategies. This enabled the company to increase dividends once again, highlighting a commitment to providing returns to its shareholders while maintaining financial stability.

During the period, the company strategically positioned itself for future success through two significant acquisitions. The acquisition of Pioneer Natural Resources, allows us to more than double our company’s Permian footprint. Simultaneously, the acquisition of Denbury strengthens our competitive edge in industries that are challenging to decarbonise. These acquisitions not only align with our company’s commitment to meeting the world's energy needs but also emphasise its dedication to reducing emissions, demonstrating a balance between growth and environmental responsibility.

Exxon Mobil's Chairman and CEO, Darren Woods, attributed the company's success to its unwavering focus on safety, environmental responsibility, and value creation. He said: “We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent barrels per day to support global supply. The organisation's relentless focus on safety, environment and value is paying off – driving record refining throughputs, delivering big projects at first-quintile cost and schedule, and exceeding planned structural cost savings while reducing emissions intensity and the impact on the environment.

The two transactions we've announced further underscore our ongoing commitment to the 'and' equation by continuing to meet the world's needs for energy and essential products while reducing emissions. Pioneer will help us grow supply to meet the world's energy needs with lower carbon intensity while Denbury improves our competitive position to economically reduce emissions in hard-to-decarbonise industries. Our disciplined operational and financial performance, combined with these strategic transactions, will strengthen our portfolio and position us to deliver profitable growth and attractive returns for many years to come.”

Image Our disciplined operational and financial performance, combined with our recent strategic transactions, will strengthen our portfolio and position us for future profitable growth and attractive returns.
Our disciplined operational and financial performance, combined with our recent strategic transactions, will strengthen our portfolio and position us for future profitable growth and attractive returns.