ExxonMobil Profits Dip as It Gives Back Almost $10 Billion to Investors

ExxonMobil (NYSE:XOM) reported a dip in third-quarter profits Friday on lower earnings from its refining business, but the results were strong enough to enable nearly $10 billion in shareholder distributions.

The big US oil company, which saw upstream oil production rise following its acquisition of Pioneer Natural Resources, pointed to the benefits of $11.3 billion in “structural cost savings” as a driver of the results. 

The oil giant returned $9.8 billion to investors in the three-month period, up from $9.5 billion in the second quarter. ExxonMobil lifted the dividend by four percent, in addition to making share repurchases.

Net profits in the third quarter were $8.6 billion, down 5.1 percent from the year-ago period.

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