ExxonMobil Posts Strong Q3 Performance: Record Production in Permian and Guyana Drives Results

Industry-Leading Execution and Shareholder Returns Mark Third Quarter

ExxonMobil delivered a robust third quarter in 2025, propelled by record-setting production in both Guyana and the Permian Basin. Earnings reached $7.5 billion, supported by cash flow from operations of $14.8 billion and the continued return of capital to shareholders through $9.4 billion in total distributions.

Permian and Guyana Output Surges to New Highs

The company set fresh benchmarks in upstream performance, producing nearly 1.7 million oil-equivalent barrels per day in the Permian and surpassing 700,000 barrels per day in Guyana for the quarter. This volume strength, aided by advanced proprietary technology and early startup of major projects like the Yellowtail development, led to advantaged volume growth that partly offset lower crude prices and increased costs from strategic divestments and new investments.

Capital Discipline and Cost Control Strengthen Balance Sheet

Despite headwinds from softer crude realizations and higher depreciation, ExxonMobil's focus on operational efficiency and cost structure improvement delivered meaningful results. The company surpassed $14 billion in cumulative structural cost savings since 2019, adding $2.2 billion year-to-date in 2025 alone. Total year-to-date operating cash flow reached $39.3 billion, while the net-debt-to-capital ratio fell to a sector-leading 9.5% with $13.9 billion in cash on hand.

Dividend Growth Continues: 43 Consecutive Years and Counting

Reinforcing its shareholder focus, ExxonMobil announced a fourth-quarter dividend of $1.03 per share—a 4% increase—extending its streak of annual dividend-per-share growth to 43 years. Combined dividends and share buybacks have already returned $27.8 billion to shareholders year-to-date, aligning with the company’s $20 billion share repurchase plan for the year.

Segment Overview: Upstream Leads While Refining and Chemicals Hold Steady

Upstream: The engine of Q3’s performance was upstream, with segment earnings of $5.7 billion—up $277 million quarter-over-quarter. Output hit 4.8 million oil-equivalent barrels per day, reflecting project ramp-ups and technology deployment.

Energy Products: Despite weaker refining margins globally, year-to-date energy products earnings increased by $402 million over last year, underpinned by record refinery throughput and ongoing structural savings.

Chemical Products: Lower margins and higher China-related expenses dragged down chemical segment earnings, though quarterly profit rose $222 million sequentially thanks to stronger margins and sales mix improvement.

Specialty Products: Earnings remained resilient at $2.2 billion year-to-date, with continued portfolio strength and investment in advanced materials, highlighted by the acquisition of Superior Graphite’s assets to bolster ExxonMobil’s entry into the battery materials market.

Cash Deployment and Capex: Maintaining a Conservative Approach

Cash capital expenditures reached $8.6 billion for the third quarter and $20.9 billion year-to-date, keeping total spending on pace to finish the year slightly below the company’s guidance range of $27–$29 billion (excluding acquisitions). This disciplined approach supports both project execution and balance sheet strength.

Takeaway: Innovation, Efficiency, and Scale Position ExxonMobil for Future Growth

ExxonMobil’s Q3 results reflect more than just strong financial metrics; they highlight strategic progress on major projects, relentless efficiency improvement, and unwavering capital discipline. As the company completes its tenth major project of 2025 and continues advancing technology—like the commissioning of the Discovery 6 supercomputer—investors are seeing tangible benefits from a model that pairs operational excellence with shareholder-focused capital management.

For those following the energy sector, ExxonMobil’s blend of record operational delivery, innovation, and prudent capital returns offers a case study in how industry leaders navigate volatility and stay positioned for the next chapter of growth.

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