Output hits nearly 4.6 million barrels of oil and gas per day
Expects full year production of 4.3 million boepd
Shareholder returns reach 20 with expanded dividend
Shares rise nearly 2 in premarket trading
HOUSTON, Nov. 1 Reuters Exxon Mobil on Friday beat Wall Street39;s third quarter profit estimate, boosted by strong oil output in its first full quarter that includes volumes from U.S. shale producer Pioneer Natural Resources.
Oil industry earnings have been squeezed this year by slowing demand and weak margins on gasoline and diesel. But Exxon39;s yearoveryear profit fell 5, a much smaller drop than at rivals BP and TotalEnergies, which posted sharply lower quarterly results.
The top U.S. oil producer reported income of 8.61 billion, down from 9.07 billion a year ago. Its 1.92 per share profit topped Wall Street39;s outlook of 1.88 per share, on higher oil and gas production and spending constraints.
We had a number of production records in the quarter, said finance chief Kathryn Mikells, citing an increase of about 25 yearonyear in oil and gas output to 4.6 million barrels per day.
Exxon shares rose about 1.3 in premarket trading to 118.25 per share.
Exxon earlier this month flagged operating profit had likely decreased, leading Wall Street analysts to shave their quarterly per share earnings outlook by nearly a dime.
The results included Exxon39;s first full quarter of production following its acquisition in May of Pioneer Natural Resources.
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