(RTTNews) – Exxon Mobil Corp. (XOM) reported a profit for the third-quarter compared to a loss last year, reflecting improved demand and strong operations. Quarterly adjusted earnings per share topped analysts’ expectations. The company plans to buy back up to $10 billion of shares over the next two years.
The company expects to be well within debt-to-capital target range by year end. It is on track to achieve 2025 emission-reduction plans by year end. It anticipates future annual capital investments of $20 billion to $25 billion.
The company reported cash flow from operating activities of $12.1 billion in the third-quarter.
The company anticipates its strong cash flow outlook will enable it to further increase shareholder distributions by up to $10 billion through a share repurchase program over 12-24 months, beginning in 2022
Exxon reported that its third-quarter net income attributable to the company was $6.75 billion or $1.57 per share compared to a loss of $680 million or $0.15 per share in the previous year.
Earnings, excluding identified items, were $6.76 billion or $1.58 per share compared to a loss of $793 million or $0.18 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.56 per share for the third-quarter. Analysts’ estimates typically exclude special items.
Total revenues and other income for the third-quarter rose 59.7 percent to $73.79 billion from $46.20 billion in the prior year. Analysts expected revenues of $76.34 billion for the third-quarter.
Oil-equivalent production in the third quarter was 3.7 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 4% versus the prior-year quarter, including growth in the Permian and Guyana. In Friday pre-market trade, XOM was trading at $65.22 up $0.91 or 1.41 percent.
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