How Exxon Mobil’s Third-Quarter Earnings Were Impacted by Oil Price Changes
Exxon Mobil, a leading energy major, recently disclosed in a regulatory filing that fluctuations in oil prices could result in a significant decrease in its third-quarter upstream earnings. The company anticipates a reduction of $600 million to $1 billion in earnings from its upstream operations. Additionally, refining margins are expected to negatively impact profits by up to $1 billion during the same period.
The decline in oil prices during the July-September quarter was driven by concerns surrounding global oil demand growth. In the second quarter, Exxon reported $7.07 billion in upstream earnings and a net profit of $9.1 billion in the year-ago third quarter.
Analysts are projecting that the industry giant will post an adjusted profit of $1.97 per share in the third quarter, as per estimates compiled by LSEG.
In summary, Exxon Mobil’s financial performance in the third quarter is likely to be influenced by changes in oil prices and refining margins. Investors and stakeholders should closely monitor these developments to gauge the company’s overall financial health and potential impact on their investment portfolios.