{"id":12401,"date":"2023-11-11T00:09:16","date_gmt":"2023-11-11T00:09:16","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/exxonmobil-q3-profit-surges-to-9-1-billion-advances-aggressive-emission-reduction-strategy\/"},"modified":"2023-11-11T00:09:17","modified_gmt":"2023-11-11T00:09:17","slug":"exxonmobil-q3-profit-surges-to-9-1-billion-advances-aggressive-emission-reduction-strategy","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12401","title":{"rendered":"ExxonMobil Q3 profit surges to $9.1 billion, advances aggressive emission reduction strategy"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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ExxonMobil (NYSE:) Corp. has reported a significant increase in its Q3 profits, with the figure reaching $9.1 billion. This marks a $1.2 billion surge from Q2 and comes in the wake of the company’s $60 billion takeover of Pioneer Natural Resources <\/span><\/span> (NYSE:). The announcement was made on Thursday by ExxonMobil’s CEO, Darren Woods.<\/p>\n

In addition to the boost from the Pioneer acquisition, ExxonMobil’s profit was further bolstered by notable asset sales throughout 2023. These included refineries in Thailand and Italy, which have collectively contributed over $3 billion in cash to the company this year.<\/p>\n

The acquisition of Pioneer is a key part of ExxonMobil’s strategic plan to reduce carbon emissions. The company aims to expedite Pioneer\u2019s Permian net-zero ambition by 15 years and fully harness their water recycling technology. With the additional acquisition of Denbury, ExxonMobil is targeting a reduction in national carbon emissions by 100 million tons per year.<\/p>\n

The expansion of ExxonMobil’s Beaumont refinery has also played a part in these developments. The expanded refinery now delivers an additional 250,000 barrels per day to the market, contributing to a record Q3 refinery throughput.<\/p>\n

Senior VP Neil Chapman highlighted the expected synergies from the Pioneer acquisition and projected combined Permian production to reach two million oil equivalent barrels per day by the end of 2027. The deal also increases integration between high-value light Permian crude and ExxonMobil’s premier refinery and chemical footprint on the Gulf Coast.<\/p>\n

The Baytown Chemical expansion signals ExxonMobil’s entry into the linear alpha olefins market, further diversifying its portfolio and marking another significant step in its growth strategy under Woods’ leadership.<\/p>\n

InvestingPro Insights<\/h2>\n

ExxonMobil (XOM) has demonstrated a strong track record of stability and growth, as shown by its 41-year streak of raising dividends and maintaining dividend payments for 53 consecutive years, according to InvestingPro Tips. This consistency is further underscored by the company’s robust financial health, with its liquid assets exceeding short-term obligations, and its cash flows being sufficient to cover interest payments.<\/p>\n

InvestingPro’s real-time data highlights ExxonMobil’s market capitalization at 408.02 billion USD, with a P\/E ratio of 10.25, indicating a potentially undervalued stock. Revenue for the last twelve months as of Q3 2023 stood at 344.75 billion USD, further emphasizing the company’s strong financial position.<\/p>\n

InvestingPro Tips also highlight that ExxonMobil is a prominent player in the Oil, Gas & Consumable Fuels industry and is expected to stay profitable this year. These insights, combined with over 10 additional tips available on InvestingPro, provide a comprehensive overview of ExxonMobil’s investment potential.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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