NEW YORK—ExxonMobil reported third-quarter adjusted earnings of $14.68 billion, missing Wall Street's $15.10 billion estimate. Adjusted earnings per share came in at $3.52, below the consensus range of $3.54 to $3.60.
The miss came despite total production of 4.514 million barrels of oil equivalent per day (boepd). Permian Basin output hit a record, exceeding 1.8 million boepd—the clearest sign that ExxonMobil's core U.S. shale engine is running well.
The drag was in the Middle East. Roughly 150,000 boepd remained offline in the United Arab Emirates and 450,000 boepd in Qatar, a combined shortfall that cut directly into revenue and pushed earnings below estimates. These are operational disruptions, not structural asset problems—but until that capacity comes back online, the financials will reflect it.
Guyana is the next production catalyst to watch. ExxonMobil confirmed its fifth floating production storage and offloading vessel will begin production in the fourth quarter from the Stabroek Block, adding meaningful capacity at a time when the company needs volume growth to offset Middle East losses.
ExxonMobil declared a third-quarter dividend of $1.03 per share.
Shares fell after the announcement. The Permian record and the Guyana ramp give bulls a credible long-term case, but the stock will struggle to recover until investors see the Middle East outages resolved and that fifth FPSO producing.
