Exxon beats estimates on higher Permian Basin oil production

Exxon Mobil Corp. beat analysts’ estimates as higher oil production from the US Permian Basin helped cushion a drop in crude prices and tightening refining margins.

Exxon earned $1.92 a share in the third quarter, more than the $1.87 median estimate among analysts surveyed by Bloomberg. Chevron Corp. and Shell Plc also turned in better-than-expected performances.

Exxon is the best-performing oil major this year, rising more than 15% even as international crude prices declined. North America’s largest energy explorer demonstrated it has more oil and natural gas production growth — and at lower cost — than rivals.

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Source: Energy Connects

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