ExxonMobil Q3 Report 2023

Third-Quarter 2023 Financial Highlights

• Earnings were $9.1 billion compared with second-quarter earnings of $7.9 billion. Results improved with strong operating performance, including record third-quarter refining throughput¹ as well as a higher crude price and industry refining margin environment. These factors were partly offset by weaker chemical margins, unfavorable derivative mark-to-market impacts and trading timing effects that are expected to unwind over time.
• The company achieved $9.0 billion of cumulative structural cost savings versus 2019, ahead of schedule, with further savings expected by year-end.
• Strong earnings drove cash flow from operations of $16.0 billion and free cash flow of $11.7 billion, an increase of $6.6 billion and $6.7 billion respectively versus the second quarter. Third-quarter shareholder distributions of $8.1 billion included $3.7 billion of dividends and $4.4 billion of share repurchases. Year-to-date share repurchases were $13.1 billion, consistent with the company’s plan to repurchase $17.5 billion of shares in 2023.
• The company continued to strengthen its portfolio with the closing of the Thailand refinery divestment in the third quarter. Total asset sales and divestments generated $0.9 billion of cash proceeds, bringing the year-to-date total to $3.1 billion.