ExxonMobil Beats Q3 Estimates With $4.23 EPS, Announces $20 Billion Buyback and 4% Dividend Hike

ExxonMobil posted third-quarter non-GAAP earnings of $4.23 per share, beating analyst estimates by $0.19, driven by strong petroleum prices, elevated refinery margins, and production efficiency gains. The Beaumont refinery expansion helped boost distillate output by roughly 40% compared to 2019 levels, and Morgan Stanley noted that refining strength offset disruptions tied to Middle East geopolitical tensions. Revenue grew 9.6% year over year, though that trailed Chevron's 10.5% growth in the same period.

Looking ahead, ExxonMobil announced a $20 billion stock buyback program for next year and raised its dividend by 4%, signaling confidence in sustained cash generation. Continued Permian Basin production ramp and favorable macro conditions underpin analyst optimism, with some calling the stock a strong buy and flagging potential for new all-time highs after shares rose 59% this year and hit a new 52-week high following the earnings report.

Not all analysts share that enthusiasm. ExxonMobil trades at a forward PEG ratio of 1.37, a premium to rivals, and Seeking Alpha's quant model rates the stock a Hold, citing that lofty valuation against otherwise top-tier profitability. Chevron, by contrast, carries a PEG ratio of 0.66, reduced net debt by $7.8 billion during the quarter, and holds a Strong Buy quant rating, raising the question of which supermajor offers better value at current prices.

On a separate front, Securitize launched tokenized trading of ExxonMobil shares on the Solana blockchain, part of a batch of 13 newly listed tokenized stocks that also includes Salesforce, Johnson and Johnson, and Uber Technologies. Separately, the iShares MSCI World ETF recorded approximately $307 million in inflows for the week, a 3.5% increase in shares outstanding, with ExxonMobil among its notable holdings.