Why Is Exxon Mobil (XOM) Stock Up 3% Today?
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Exxon Mobil (NYSE:XOM) stock is jumping on Friday after the oil company released its earnings report for the third quarter of 2022.
The big news here is the company bringing in earnings of $19.66 billion, which comes to $4.68 per share. That’s a massive jump from its net income of $6.75 billion and earnings per share (EPS) of $1.57 reported in the third quarter of 2021. This also saw its diluted EPS beating out Wall Street’s estimate of $3.79.
Exxon Mobil is seeing these gains thanks to the recent surge in the price of oil. The company notes it saw strong quarterly oil and gas production, as well as its best quarterly refining throughput in North America.
Darren Woods, chairman and CEO of XOM, said the following about the company’s quarterly results:
“The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers. Rigorous cost control and growth of higher-margin petroleum and chemical products also contributed to earnings and cash flow growth in the quarter.”
XOM Investors Are Reacting Positively to the News
Shares of XOM stock are climbing as strong trading pushes them higher. As of this writing, more than 16 million shares of the stock have changed hands. That’s closing in on its daily average trading volume of about 19.4 million shares.
XOM stock is up 2.6% as of Friday afternoon and is up 73.7% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.