Exxon Q3 Profit Down 12% Y-o-Y on Weak Crude Prices

SECAUCUS, NJ (DTN) – ExxonMobil reported on Friday (10/31) a 12% drop in third-quarter net profit from a year ago, citing record oil production in the Permian basin and Guyana that were offset by weaker crude prices, chemical margins and growth costs, the company said in its earnings release.

Net profit for the three months ending September was $7.55 billion versus $8.61 billion in the July-September period of last year, the company said. It was slightly higher than the $7.08 billion in the second quarter of this year, according to the release.

“We delivered the highest earnings per share we’ve had compared to other quarters in a similar oil-price environment,” Chairman and CEO Darren Woods said. EPS for the quarter in review was at $1.76, against $1.92 in the third quarter 2024, the company said.

Woods said ExxonMobil broke production quarterly production records in Guyana, surpassing 700,000 bpd, and started up the Yellowtail development there four months early and under budget.

In the Permian, the oil major set another all-time high for output, with nearly 1.7 million boepd, according to the release. It also continued to expand the use of proprietary technologies that improved well recoveries by up to 20% and started up eight of its 10 key projects for 2025, with the balance two on track, the company said.

At the same time, earnings were decreased by weaker crude prices, bottom-of-cycle chemical margins, higher depreciation, growth costs, and lower base volumes from strategic divestments, ExxonMobil said.

Crude prices have tumbled this year amid record U.S. oil output and also higher production by the Organization of the Petroleum Exporting Countries. Brent, the global benchmark for crude, currently trades at under $65 bbl, down almost 16% on the year.