Exxon Mobil Corp. (NYSE: XOM) reported estimated third-quarter results before markets opened Friday morning. For the quarter, the integrated oil & gas giant posted quarterly diluted earnings per share (EPS) of $1.46 on revenues of $76.61 billion. In the same period a year ago, the company reported EPS of $0.93 on revenues of $61.1 billion. Third-quarter results compare to the consensus estimates for EPS of $1.23 on revenues of $73.55 billion.

Net income in the quarter rose from $3.95 billion a year ago to $6.24 billion. Oil-equivalent production was down 2.4% year over year from 3.88 million barrels a day last year to 3.79 million barrels a day.

Worldwide upstream earnings totaled $4.23 billion compared with $1.57 billion in the year-ago quarter. Higher prices increased earnings by $2.58 billion while volumes and other items added a net $80 million.

In the downstream division, earnings rose 7.1% to $1.64 million, up by $110 million year over year. Refining margins decreased earnings by $110 million, while downtime and maintenance reduced earnings by $10 million. Other items added $230 million to earnings. Petroleum product sales of 5.6 million barrels per day were 74,000 barrels per day higher than in last year’s third quarter.

Capital spending totaled $6.59 billion in the quarter, up 10% year over year.

CEO and chairman Darren Woods said:

We are seeing the benefits of integration as we capture value from advantaged feedstock from the Permian and Western Canada for our North American refineries. The logistical network we’ve established provides reliable connectivity between Upstream production and manufacturing facilities. Operational performance improved significantly versus the second quarter with lower levels of scheduled maintenance and reliability levels in line with our expectations. … We expect to continue to increase volumes over time as we ramp up activity in the Permian and new projects start up.

The company did not provide guidance in its press release, but analysts are expecting fourth-quarter EPS of $1.39 on revenues of $86.78 billion compared with EPS of $0.88 and revenues of $66.52 billion in the fourth quarter of 2017. For the full year analysts are looking for EPS of $4.64 on revenues of $322.94 billion.

Higher crude oil prices pumped up Exxon’s third-quarter results. With crude dropping about 10% in October and market analysts seeing a new glut coming on, fourth-quarter results could be weaker.

Exxon’s shares traded up about 2.3% in Friday’s premarket at $82.55 in a 52-week range of $72.16 to $89.30. Analysts had a 12-month price target of $89.85 before this morning’s report.

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