Exxon Mobil’s (NYSE:XOM) third-quarter profit declined compared with last year when the oil giant was put up record numbers due to soaring crude prices, but net income was up 15% compared with the previous quarter. It also raised its quarterly dividend.
Those lofty crude prices have fueled a shopping spree this year as Exxon acquired pipeline operator Denbury, the beneficiary of changes in U.S. climate policy, for $4.9 billion in July, and then a few weeks ago said it would buy Pioneer Natural Resources for $60 billion.
Exxon isn’t alone. Earlier this week, Chevron (NYSE:CVX) said it would spend more than $50 billion to acquire Hess.
Exxon Mobil earned $9.07 billion, or $2.25 per share, in the period. That compares with $19.66 billion, or $4.68 per share, a year earlier.
Removing certain items, earnings were $2.27 per share.
Analysts polled by Zacks Investment Research predicted higher earnings of $2.36 per share, but Exxon does not adjust its reported results based on one-time events such as asset sales as most companies do.
Revenue slipped to $90.76 billion from $112.07 billion, but still topped Wall Street’s estimate of $89.29 billion.
Production dipped 0.8% to 3,688 thousand oil-equivalent barrels per day.
Exxon said Friday that it delivered its best-ever third-quarter global refinery throughput at 4.2 million barrels per day.
Exxon is flush with cash. The company posted unprecedented profits last year of $55.7 billion, breezing past its previous record of $45.22 billion in 2008 when oil prices hit record highs.
XOM shares slid $1.02, or 1%, to $106.58.
