Seeking Alpha

Exxon Q3 earnings, revenues fall but beat expectations

  • Exxon Mobil's (XOM) Q3 earnings fell 18% Y/Y on weaker margins, mainly in refining, but results slightly beat analyst expectations.
  • Total revenues fell 2.4% to $112.37B, but that also came in ahead of estimates of ~$106B.
  • Upstream earnings, which include XOM's E&P businesses, rose 12% to $6.71B, with more than half of the gains coming from higher proceeds of oil and gas sales; oil-equivalent production rose 1.5%, with liquids production rising almost 4% while natural gas production fell 1.3%.
  • Downstream earnings, which include the refining and marketing operations, plunged 81% to $592M.
  • U.S. refining profit margins fell 43% to an average of $17.54/bbl during the quarter, the first time the average quarterly spread fell below $20 since late 2010.
  • Shares +0.5% premarket.
Comments (4)
  • auto44
    , contributor
    Comments (3055) | Send Message
     
    With these refining margins and gasoline sales flat to down,maybe spending 40 billion to get in the domestic nat gas business isn't so dumb. Preparing for the future.
    31 Oct 2013, 10:37 AM Reply Like
  • dostoevsky228
    , contributor
    Comments (183) | Send Message
     
    Finally, a production increase after 9 quarters of decline. Perhaps we have reached an inflection point and the slumbering tiger is ready to go on the prowl again. Being my #1 major stockholding, would like to see that dividend be up over 3%, should be closer to 3.5%. Discipline on that capex spending as well.
    31 Oct 2013, 12:01 PM Reply Like
  • Elevator Music
    , contributor
    Comments (28) | Send Message
     
    Correct me if this info is outdated, but Exxon has the lowest payout ratio of all the oil giants currently in play. That means they have decades and decades to raise the dividend, which is good news for investors.
    31 Oct 2013, 12:38 PM Reply Like
  • Rickthegeek
    , contributor
    Comments (118) | Send Message
     
    Don't see much positive news in the numbers.
    1 Nov 2013, 09:30 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector