ExxonMobil posts Q3 2022 net earnings of $19.6bn
US major ExxonMobil said October 28 it had net earnings in Q3 2022 of $19.7bn, up nearly 10% sequentially and more than 190% higher than Q3 2021 earnings of $6.75bn.
The strong results were attributed to higher natural gas realisations as gas prices soared in Europe and elsewhere, record refining volumes and “rigorous” cost control.
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“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today,” CEO Darren Woods said. “We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective.”
Woods said the quarter was highlighted by ExxonMobil’s participation in an agreement with CF Industries to capture and store up to 2mn metric tons/year of CO2 in Louisiana and a long-term contract under which industrial gases provider Air Products will supply low-carbon hydrogen from a facility under construction near Edmonton to the Strathcona refinery, where majority-owned affiliate Imperial Oil will use it to produce about 20,000 barrels/day of renewable diesel fuel.
Cash flow from operating activities increased to $24.4bn from $12.1bn year-over-year, yielding free cash flow of $22.04bn, up from $9.04bn in Q3 2021. Shareholder distributions in the quarter were $8.2bn, comprised of $3.7bn of dividends and $4.5bn of share repurchases.
Global oil-equivalent production was flat sequentially but edged slightly higher year-over-year, to 3.72mn barrels of oil equivalent (boe)/day from 3.66mn boe/day in Q3 2021, led by record production of nearly 560,000 boe/day from the Permian basin. Natural gas production slipped to 7.96bn ft3/day from 8.11bn ft3/day a year ago.