The Secret to How ExxonMobil Has Transformed Into a Much More Profitable Energy Company

ExxonMobil (NYSE: XOM) has come a long way over the last five years. The oil behemoth has transformed into a much more profitable company. It delivered industry-leading profitability during the third quarter, enabling it to provide its shareholders with industry-leading cash returns. On its third-quarter conference call, CEO Darren Woods shared the secrets to the company's success and explained how it has become the most profitable company in the oil patch.Woods started ExxonMobil's third-quarter call by highlighting that the company "announced earnings of $8.6 billion this morning, one of our best third quarters in the past decade." That came during a period when commodity prices weren't all that high. Brent oil (the global benchmark price) averaged $80 per barrel during the quarter, about $5 lower than it was during the second quarter and roughly in the middle of its range over the past decade. While natural gas prices were higher in the quarter, refining margins were at the low end of their range from 2010 to 2019 (a period that the company notes was lacking in outliers), and chemical margins were well below their 2010 to 2019 range. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool