An Exxon Mobil gas station in Lorton, Virginia, US, on Monday, Oct. 27, 2025.
Luke Johnson | Bloomberg | Getty Images
Exxon Mobil on Friday reported third quarter earnings that fell year over year, as oil prices tumbled due in large part to OPEC+ increasing production.
Exxon’s net income fell 12% to $7.55 billion, or $1.76 per share, compared to $8.6 billion, or $1.92 per share, in the year ago period. Excluding one-time items, the oil major posted earnings per share of $1.88.
U.S. crude oil prices have fallen about 16% this year as OPEC+ is increasing production and President Donald Trump’s tariffs have the market worried about an economic slowdown.
Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.88 adjusted.Revenue: $85.3 billion vs. $87.7 billion
CEO Darren Woods said Exxon posted its highest earnings per share compared to similar quarters when oil prices were falling. Profits also took a hit due to bottom-of-cycle margins in its chemicals business.
However, production in Exxon’s lucrative offshore assets in the South American nation of Guyana hit a quarterly record of more than 700,000 barrels per day. Its assets in the Permian Basin also set a production record of nearly 1.7 million bpd.
Overall, Exxon produced 4.77 million bpd in the quarter.
Exxon’s production business recorded earnings of $5.68 billion, while its refining business posted a profit of $1.8 billion. Its chemicals product business saw earnings of $515 million.
The oil major gave back $9.4 billion to shareholders in the quarter and raised its fourth-quarter dividend to $1.03 per share.
This is a developing story. Please check back for updates.
