An Exxon Mobil gas station in Lorton, Virginia, US, on Monday, Oct. 27, 2025.
Luke Johnson | Bloomberg | Getty Images
Exxon Mobil on Friday reported third quarter earnings that fell year over year, as oil prices tumbled due in large part to OPEC+ increasing production.
Exxon’s net income fell 12% to $7.55 billion, or $1.76 per share, compared to $8.6 billion, or $1.92 per share, in the year ago period. Excluding one-time items, the oil major posted earnings per share of $1.88.
U.S. crude oil prices have fallen about 16% this year as OPEC+ is increasing production and President Donald Trump’s tariffs have the market worried about an economic slowdown.
Exxon shares were down about 1% in premarket trading.
Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.88 adjusted
- Revenue: $85.3 billion, vs. $87.7 billion expected
CEO Darren Woods said Exxon posted its highest earnings per share compared to similar quarters when oil prices were falling. Profits also took a hit due to bottom-of-cycle margins in its chemicals business.
“If you go back in time and look at all the quarters since Exxon Mobil merged in a similar price environment, this is the highest earnings per share we’ve ever delivered,” Woods told CNBC in an interview on “Squawk Box.”
Production in Exxon’s lucrative offshore assets in the South American nation of Guyana hit a quarterly record of more than 700,000 barrels per day. Its assets in the Permian Basin also set a production record of nearly 1.7 million bpd.
Overall, Exxon produced 4.77 million bpd in the quarter.
Exxon’s profitability on a barrel of oil has more than doubled since 2019 as it drives down costs, Woods said.
“Even today at today’s prices, we feel really good about the economics, the returns that we’re generating,” the CEO told CNBC.
Woods said all the projects Exxon is investing in have to generate double digit returns at an oil prices of $35 per barrel. U.S. crude oil was trading at just above $60 per barrel on Friday.
Exxon’s production business recorded earnings of $5.68 billion, while its refining business posted a profit of $1.8 billion. Its chemicals product business saw earnings of $515 million.
The oil major’s capital expenditures stand at about $21 billion so far this year. It expects spending in 2025 to come in slightly below the lower end of its guidance range of $27 billion to $29 billion.
Exxon gave back $9.4 billion to shareholders in the quarter and raised its fourth-quarter dividend to $1.03 per share.
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