Exxon Mobil’s third-quarter profit and revenue beat analysts’ expectations. XOM stock is trading at $65.34 marking a 1.60% rise in the pre-market session. Exxon Mobil’s (XOM) third-quarter net income rose to $6.75 billion, or $1.57, from a year-ago loss of $680 million, 15 cents for a share. The company’s total revenue jumped 59.7% to $73.7 billion.
Production in the Permian Basin, which includes the company’s Marcellus shale, averaged 500,000 barrels of oil equivalent per day. The company’s board will soon approve a plan that supports investments in high-return projects and a growing list of lower-carbon opportunities. These projects will be funded through the company’s near-term cash flows and are expected to generate strong returns. Exxon Mobil Corporation operates as an energy company. It produces and sells natural gas and crude oil. The company’s Downstream segment is involved in the transportation, storage, and processing of crude oil and natural gas.