Exxon Mobil beats on profits and revenue, despite Harvey impact

Earnings


Exxon Mobil on Friday reported third-quarter earnings that beat on the top and bottom line, even as impacts on its refining business from Hurricane Harvey took a bite out of profits.

Shares of Exxon were up nearly 1 percent at $84.25 in pre-market trading.

The oil major earned 93 cents per share on $66.16 billion in revenue. Analysts had expected earnings of 86 cents a share on $63.39 billion in revenues.

In the year ago period, Exxon earned 63 cents per share on $58.68 billion in revenues.

Exxon said earnings took an estimated 4 cents-per-share hit from Harvey, which shut down about a quarter of U.S. oil refining during the quarter. The storm impacted the company’s Baytown and Beaumont refineries in Texas along the U.S. Gulf Coast.

The world’s largest publicly-traded oil company credited higher commodity prices in the third quarter, as well as better performance in it exploration and production and refining businesses.

“A 50 percent increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability,” Exxon chairman and CEO Darren Woods, said in a statement.



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