ExxonMobil posts $19.7-billion Q3 earnings

Nov. 7, 2022

ExxonMobil Corp. had third-quarter 2022 earnings of $19.7 billion, up from second-quarter earnings of $17.85 billion. Third-quarter results included net favorable identified items of nearly $1 billion associated with the completion of the XTO Energy Canada and Romania Upstream affiliate divestments and one-time benefits from tax and other reserve adjustments, partly offset by impairments.

Excluding identified items, earnings of $18.7 billion were up $1.1 billion versus the prior quarter as higher natural gas realizations, record product throughput, and continued cost control were partially offset by lower crude realizations and moderating industry refining margins.

Capital and exploration expenditures were $5.7 billion in the third quarter, bringing year-to-date 2022 investments to $15.2 billion, on track with full-year guidance of $21-24 billion.


Upstream third-quarter 2022 earnings were $12.4 billion compared with $11.4 billion in the second quarter. Excluding identified items, earnings were $11.8 billion, an increase of around $800 million from the previous quarter.

Gas realizations increased 22% on European supply concerns and efforts to build inventory ahead of winter, more than offsetting the impact of decreasing crude realizations, which were down 12% on modest supply increases. Earnings also benefited from higher volumes and improved mix from growth in the company’s assets in Guyana and the Permian.

Oil-equivalent production in the third quarter was 3.7 MMboe/d. Absent divestments and the Russia exit impact, sequential quarter volume growth was more than 50,000 boe/d. The Permian delivered record production in the quarter of nearly 560,000 boe/d. Offshore Guyana quarterly average gross production increased to nearly 360,000 boe/d, with Liza Phase 1 and 2 production exceeding design capacity. Two new discoveries were made in the Stabroek block, adding to development opportunities.

Energy products

Energy products third-quarter 2022 earnings totaled $5.8 billion compared with $5.3 billion in the second quarter. Industry refining margins remained strong on high global diesel demand, yet declined 30% from second quarter levels due to higher refinery runs and flat US gasoline demand.

The impact of lower industry refining margins was partially offset by higher aromatics, marketing and trading margins. Record throughput on strong reliability improved product yields, and lower turnaround activity also contributed to the earnings improvement.

Third-quarter refining throughput was 4.2 million b/d, up 177,000 bbl from the second quarter. This reflects best ever quarterly refining throughput in North America and the highest globally since 2008.

Chemical products

Chemical products third-quarter 2022 earnings were $812 million compared with $1.1 billion in the second quarter. Solid earnings reflected reliable operations and cost discipline, partially offsetting the negative impact on volumes and margins from bottom-of-cycle conditions in Asia Pacific and softening demand in Europe and North America, with regional pricing moving closer to global parity. Record quarterly sales volume for performance polyethylene helped upgrade product mix, which served as a partial offset to lower volumes.