Oil and Gas Giant Exxon's Q3 Profits Slump To $9.1B, Still Raises Annual Outlook

Exxon Mobil Corp's XOM reported Q3 FY23 adjusted net profit of $9.12 billion, or $2.27 per share, down from 18.682 billion, or $4.45 per share, a year earlier. Analyst estimates stand at $2.37. 

Profits plunged almost 51% compared with last year when the oil giant put up record numbers due to soaring crude prices.

Results improved on higher refining throughput, crude price, and industry refining margin environment, partly offset by weaker chemical margins.

Revenue slipped to $90.76 billion from $112.07 billion but still topped Wall Street's estimate of $88.81 billion.

Production dipped 0.8% to 3,688 thousand oil-equivalent barrels per day.

Exxon said Friday that it delivered its best-ever third-quarter global refinery throughput at 4.2 million barrels per day.

"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," Chairman and CEO Darren Woods said.

Dividend: Exxon declared Q4 dividend of $0.95 per share. The company has increased its annual dividend for 41 consecutive years, including this increase of $0.04 per share, or 4%.

Earlier this month, Exxon Mobil agreed to acquire Pioneer Natural Resources Company PXD in an all-stock transaction valued at $59.5 billion, or $253 per share.

Kathy Mikells, Exxon's chief financial officer, told the Financial Times that the deal did not preclude the supermajor from striking again in the near term.

"It's important to say that we're always looking," she told the Financial Times. "Many times, I've described us as very inquisitive but also very picky. A deal has got to be what we say is 'one plus one equals three." 

"It's important to understand that we're in a depletion business with upstream," said Mikells, "I think [the deal] puts us in a good position for the long term."

Price Action: XOM shares are down 1% at $106.51 on the last check Friday.