STOCKS | ExxonMobil's Third-Quarter Profit Beats Estimates as Refining Margins Surge

According to Jin10, ExxonMobil (XOM.N) reported third-quarter profit above market expectations, with surging refining margins providing the main boost to earnings growth. The war launched by the United States and Israel against Iran, along with Ukrainian attacks on Russian refineries, damaged global refining capacity and tightened diesel supplies, driving refining margins sharply higher. Adjusted earnings per share were $4.23, above the expected $4.08, while adjusted total profit reached $17.5 billion, topping the $16.6 billion estimate. Adjusted upstream profit was $7.3 billion, down 20% from the second quarter, mainly due to lower Brent crude prices. Adjusted downstream profit rose 120% quarter over quarter to $9 billion as refining margins increased. Specialty products profit was $1.3 billion, up 32% from the previous quarter. ExxonMobil produced 4.5 million barrels of oil equivalent per day, broadly unchanged from the previous quarter. The company announced a $20 billion share repurchase plan for 2027, unchanged from 2026.