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ExxonMobile surpasses targets in cost savings in 3Q2023

Economy Materials 31 October 2023 18:05 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, October 31. ExxonMobile has achieved cumulative structural cost savings amounting to $9 billion in the third quarter of 2023, surpassing its 2019 targets and doing so ahead of schedule, Trend reports.

According to the company's latest financial results, ExxonMobile generated an impressive $16 billion in cash flow from operations, and a substantial free cash flow of $11.7 billion. These figures represent a significant increase of $6.6 billion and $6.7 billion, respectively, when compared to the second quarter of the year.

Furthermore, in the third quarter of the current year, the company allocated a substantial $8.1 billion to its shareholders. This distribution included $3.7 billion in dividends and $4.4 billion in share repurchases, underlining the company's dedication to rewarding its investors.

Taking a broader perspective, the year-to-date share repurchases have reached a total of $13.1 billion, aligning perfectly with the company's previously outlined plan to repurchase shares totaling $17.5 billion by the end of 2023.

"We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent barrels per day to support global supply, said Darren Woods, chairman and chief executive officer, adding that "the organization's relentless focus on safety, environment and value is paying off – driving record refining throughputs, delivering big projects at first-quintile cost and schedule, and exceeding planned structural cost savings while reducing emissions intensity and the impact on the environment".

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