Exxon Mobil on Friday pledged to revive a share repurchase program next year as its earnings outlook improved on quarterly results that topped analysts’ estimates. The largest U.S. oil producer posted an adjusted profit of $1.58 a share, beating the Refinitiv estimate by two cents, with results lifted by oil and gas prices that have more than doubled in the past year. Third-quarter results reflected the highest refining profit in at least two years, soaring natural gas prices, and energy shortages that pushed oil to a three-year high. Crude prices have continued to climb to a near seven-year high. All of the company’s three businesses delivered higher returns from past cost-cutting restructurings and as the global economy emerges from the coronavirus pandemic, Chief Executive Darren Woods said. The benefits of those changes “are manifesting themselves,” Woods told analysts on a conference call, adding Exxon expects to “deliver the same growth …
Exxon Posts Strongest Results Since 2017, Pledges to Resume Share Buybacks
October 30, 2021
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