COMPANY NEWS IN BRIEF

Exxon posts strongest results since 2017Exxon Mobil Corp on Friday pledged to revive its long-dormant share repurchase program next year, bolstered by a jump in profit and improved cash flow in the third quarter as rising global economic activity has caused fossil fuel demand to surge.The higher profit follows several years of lackluster returns and heavy spending at Exxon, and as agitated shareholders this year voted to put three new directors on the company's board due to dissatisfaction with its direction.For more than a decade, Exxon had been once the largest US corporate repurchase of shares before suspending the practice in 2016.The nation's largest oil and gas company reported net income of US$6.75 billion, or US$1.57 per share, in the third quarter, the highest since the last quarter of 2017. That compared with a loss of US$680 million, or 15 cents per share, in the year-earlier period.Exxon's US$1.58 a share profit beat the Refinitiv estimate by two cents. Third-quarter results reflected the highest refining profit in at least two years, soaring natural gas prices and energy shortages that pushed oil to a three-year high. Crude prices have continued to climb to near a seven-year high. -Nampa/Reuters

COMPANY NEWS IN BRIEF

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Republikein 2025-12-16

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