Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing
File - Seen is the Chevron Richmond Refinery in this view from Point Richmond, Calif., Tuesday, Oct. 24, 2023. The San Ramon, California, company posted a third-quarter profit of $6.53 billion, or $3.48 per share. Earnings, adjusted for pretax gains, came to $3.05 per share. (AP Photo/Eric Risberg, File)
Exxon Mobil's third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. It also raised its quarterly dividend.
Those lofty crude prices have fueled an Exxon shopping spree. In July, the company agreed to pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy. Then a few weeks ago, Exxon topped that deal by announcing that it would buy shale operator Pioneer Natural Resources for $60 billion.
Exxon isn't alone. Earlier this week, Chevron said it would spend more than $50 billion to acquire Hess.
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