ExxonMobil (NYSE:XOM) earnings for the oil and gas company’s third quarter of 2019 have XOM stock up on Friday. This is thanks to its diluted earnings per share of 75 cents and revenue of $65.05 billion. These both beat out Wall Street’s estimates of 67 cents per share and $$64.79 billion.
Here’s what else is worth mentioning about the Q3 ExxonMobil earnings report.
- Diluted per-share earnings are down 48.63% from $1.46 in the third quarter of 2018.
- Revenue is sitting 16.09% lower YoY than $76.61 billion.
- Net income from the ExxonMobile earnings report comes in at $3.17 billion.
- This is a 49.20% drop from the $6.24 billion in net income reported during the same time last year.
- Upstream liquids production is up 5% from the same period of the year prior.
- The company attributes this to growth in the Permian Basin.
- Cash flow from operating activities at the end of the quarter comes in at $9.10 billion
Darren Woods, Chairman and CEO of ExxonMobile, has this to say about the most recent XOM stock earnings.
“Growth in the Permian continues to drive increased liquids production and we are ahead of schedule for first oil in Guyana. The value of our position in Guyana improved further this quarter with an additional discovery, our fourth this year. We are also making good progress on our advantaged investments in the Downstream and Chemical.”
XOM stock was up 3.00% when the markets closed on Friday. However, the stock is also down 3.04% since the start of the year.