Exxon Mobil Corp. reported lower earnings for the third quarter ending September 30, bolstered by higher oil and gas production in Guyana and Permian Basin which offset lower oil prices.
The company reported a net income of US$7.5 billion for the third quarter, down from US$8.6 billion in the third quarter of 2024. Sales and other operating revenue for the quarter also fell to US$83.3 billion from US$87.8 billion in the prior-year period.
“ExxonMobil had a strong third quarter, continuing to demonstrate that we are truly in a league of our own,” said Darren Woods, ExxonMobil chairman and CEO.
“In Guyana, we broke records with quarterly production surpassing 700,000 barrels per day, and started up the Yellowtail development four months early and under budget.
“In the Permian, we also set another production record of nearly 1.7 million oil-equivalent barrels per day, while continuing to expand the use of proprietary technologies like our lightweight proppant that improves well recoveries by up to 20 per cent.”
The company reported year-to-date earnings of US$22.3 billion compared to US$26.1 billion in the same period in 2024.
Cumulative structural cost savings surpassed US$14 billion, with an additional US$2.2 billion achieved in 2025. Exxon is on track to achieve more than US$18 billion in cost savings by the end of 2030.
Cash capital expenditure stood at US$8.6 billion in the third quarter. The company expects its capital expenditure in 2025, excluding acquisitions, to be slightly below the lower end of its US$27 billion to US$29 billion guidance range.
The company said its Yellowtail project was brought online in the third quarter. The project is expected to add an initial average production of 250,000 oil-equivalent barrels per day, increasing the total installed capacity in Guyana to over 900,000 oil-equivalent barrels per day.
The company also made the final investment decision on its seventh project in the Stabroek block, Hammerhead, which is expected to add an additional 150,000 oil-equivalent barrels per day of production by 2029.
