ExxonMobil (XOM, Financial) has completed the sale of its Fos refinery in France, following an announcement made in April. This transaction reduces the company's refining capacity in Europe to approximately 1.1 million barrels per day. The Fos refinery, which was its only oil processing asset in the Mediterranean market, has a daily output of 140,000 barrels and has been acquired by Rhone Energies, owned by Entara LLC and Trafigura. Under a long-term agreement, the new operator will continue supplying fuel to ExxonMobil.
Despite the sale, ExxonMobil remains the second-largest oil producer in Europe, trailing only behind TotalEnergies. The company's third-quarter earnings report revealed earnings per share of $1.92, surpassing analysts' expectations of $1.87, mirroring strong results reported by Chevron and Shell. Additionally, ExxonMobil has increased its dividend for the 42nd consecutive year to $0.99 per share, exceeding analyst forecasts of $0.97.
ExxonMobil's oil development projects in Guyana and the Permian Basin produce crude oil at a cost of less than $35 per barrel, significantly lower than the current international oil price, which exceeds $70 per barrel. Despite a general decline in international crude prices, ExxonMobil’s stock price has risen over 15% this year, making it one of the best-performing oil majors. As North America's largest energy exploration company, ExxonMobil's oil and gas production is growing faster and at a lower cost than its competitors.
The company is also involved in multiple natural gas export projects in Texas, Papua New Guinea, and Mozambique. Following its $60 billion acquisition of Pioneer Natural Resources, ExxonMobil has become the largest producer in the Permian region.
