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Exxon Mobil slides after reporting Q3 earnings

Big oil has been dealing with low oil prices as OPEC+ keeps pumping.

Matt Phillips

Exxon slid in early trading Friday after reporting lower-than-expected Q3 revenue on weak oil prices, even as it boosted production.

The largest US energy company by revenue reported:

  • Q3 revenue of $85.3 billion vs. $86.5 billion consensus analyst expectations, per FactSet.

  • Adjusted earnings per share of $1.90 vs. the $1.80 analysts predicted.

  • Global Q3 production of 4.8 million barrels of oil equivalent per day vs. a 4.7 million expectation.

Despite an uncertain outlook for demand from the world economy, the oil cartel OPEC, and allies including Russia, have consistently pushed to boost production, sending US benchmark oil prices down by more than 15% in 2025.

The drop has crimped sales and profit at oil giants like Exxon, which last quarter saw net income fall to its lowest level since 2021, in the immediate aftermath of the pandemic. Through the end of trading on Thursday, Exxon was up just 7% for the year, compared to a 16% gain for the S&P 500.

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