Q3 2024 Exxon Mobil Corp Earnings Call Transcript
Key Points
- Exxon Mobil Corp (XOM) announced strong third-quarter earnings of $8.6 billion, marking one of the best third quarters in the past decade.
- The company achieved significant structural cost savings, reducing costs by $5 billion compared to 2019.
- Exxon Mobil Corp (XOM) increased its quarterly dividend by 4% to $0.99 per share, marking the 42nd consecutive year of annual dividend increases.
- The company reported a 24% increase in production to 4.6 million oil equivalent barrels per day compared to the prior year quarter.
- Exxon Mobil Corp (XOM) is advancing its low-carbon solutions business, including plans for the world's largest low-carbon hydrogen production facility.
- The Joliet refinery faced an unprecedented shutdown due to a tornado, impacting fuel supplies in the region.
- Liquid prices and refining margins were down in the third quarter, affecting overall earnings.
- The Golden Pass LNG project is delayed by about six months, with first LNG expected in late 2025 or early 2026.
- The chemicals market in Asia, particularly China, remains in bottom-of-cycle conditions, impacting profitability.
- Exxon Mobil Corp (XOM) faces challenges in translating the Inflation Reduction Act's technology-agnostic legislation into enabling regulations for its low-carbon projects.
Good morning, everyone. Welcome to Exxon Mobil's third-quarter 2024 earnings call. Today's call is being recorded. We appreciate you joining us today. I'm Jim Chapman, Vice President, Treasurer and Investor Relations. I'm joined by Darren Woods, Chairman and CEO; and Kathy Mikells, Senior Vice President and CFO.
This quarter's presentation and prerecorded remarks are available on the Investors section of our website. They're meant to accompany the third-quarter earnings news release which is posted in the same location.
During today's presentation, we'll make forward-looking comments, including discussion of our long-term plans and integration efforts, which are still being developed and which are subject to risks and uncertainties. Please read our cautionary statement on slide 2. You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website. Note that we also provided supplemental information at the end of our earnings slides, which are also
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