Exxon Mobil Corp. on Friday reported a net income of $6.75 billion ($1.57 a share) in the quarter ended September 30, the highest since the fourth quarter of 2017. That also marked a swing from a loss of $680 million (15 cents a share) in the third quarter of 2020. The robust performance is mostly attributed to the significant gain in Exxon’s refining business as well as rising crude oil and natural gas prices.
Profits in oil and gas surged to nearly $4 billion in July-September, swinging from a $383 million loss a year earlier, thanks to improving international demand. Chemical profits more than tripled year-on-year but dropped from the second quarter’s high. Exxon expects positive contributions in the fourth quarter from higher European gas demand, rising oil and gas sales, and the $1 billion divestiture of its UK North Sea assets.
The company also announced that it would resume its share buyback program in 2022, which had been halted for years. The company’s shares edged up 16 cents after the disclosure at $64.49. They have climbed more than 50% since the start of the year, as earnings rebounded from last year’s historic loss. This year’s profit has enabled Exxon to repay about $11 billion in debt raised in 2020 to cover its dividend.
