On Friday, ExxonMobil reported a +57% jump in its Q3 profit which reached $6.24 billion, on the back of surging production from Permian Basin of Texas coupled with oil price spikes.
Its per-share profit came in at $1.46 - versus analysts' estimate of $1.23 a share (according to Refinitiv). In 2017, Exxon had invested $5.6 billion to buy Permian assets.The energy company now produces 555,000 barrels of oil in the United States each day. Its global oil supply rose to 2.3 million barrels per day, after having declined in eight of the prior nine quarters.
Increase in oil prices added $2.6 billion to Exxon profits, compared to the previous year. What could further boost the outlook on the company is its increased cash flow from operations to $11.1 billion – a four-year high.
Its overall oil and gas production, however, reduced by -2% from previous year, mainly due to declining natural gas volume.