ExxonMobil rises on Q3 profit beat fueled by refining margins
XOM•ExxonMobil shares rose 1.4% premarket after the company reported Q3 adjusted profit of $4.23 per share, above the $4.08 estimate. Adjusted downstream earnings surged 120% from Q2 to $9 billion as refining margins increased.
1. Profit beats estimates
ExxonMobil reported Q3 adjusted total earnings of $17.5 billion, compared with the $16.6 billion estimate. Adjusted profit was $4.23 per share, versus an estimate of $4.08.
2. Refining earnings surge
Adjusted downstream earnings rose 120% from Q2 to $9 billion, driven by higher refining margins amid fuel supply disruptions due to the wars in Iran and Ukraine. Adjusted upstream earnings fell 20% from Q2 to $7.3 billion as benchmark Brent crude prices were lower than in the previous three months.
