Oil and Gas Giant Exxon's Q3 Profits Slump To $9.1B, Still Raises Annual Outlook
Portfolio Pulse from Vandana Singh
Exxon Mobil Corp's Q3 FY23 adjusted net profit fell to $9.12 billion, down from $18.682 billion a year earlier, a drop of almost 51%. Despite the slump, the company raised its annual outlook. Revenue also decreased to $90.76 billion from $112.07 billion. Exxon declared a Q4 dividend of $0.95 per share, marking an increase for the 41st consecutive year. The company recently agreed to acquire Pioneer Natural Resources Company in an all-stock transaction valued at $59.5 billion.

October 27, 2023 | 1:40 pm
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POSITIVE IMPACT
Exxon has agreed to acquire Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion.
The acquisition could potentially increase Pioneer Natural Resources' stock price as it is being acquired by a larger company. The deal also indicates Exxon's confidence in Pioneer's assets, which could be seen positively by investors.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50
NEUTRAL IMPACT
Exxon's Q3 profits and revenue have decreased significantly compared to last year. However, the company has raised its annual outlook and declared a Q4 dividend, indicating confidence in its future performance.
The drop in profits and revenue could negatively impact Exxon's stock price. However, the raised annual outlook and increased dividend suggest the company is confident in its future performance, which could offset the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100