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Exxon Mobil expects oil prices to boost second-quarter earnings

(Reuters) -Exxon Mobil said on Monday changes in oil prices would increase the company’s second-quarter upstream earnings by $300 million to $700 million compared with the first quarter.

The oil major would be reporting its first earnings after closing the acquisition of Pioneer Natural Resources (NYSE:PXD) for $60 billion, with the combined operations making it the largest oil producer in the Permian basin.

Exxon (NYSE:XOM), however, said it expects changes in gas prices to decrease its quarterly upstream earnings by $300 million to $700 million compared with the first quarter.

The largest U.S. oil producer had posted $5.7 billion in upstream earnings for the first quarter ended March 31.

This post is originally published on INVESTING.

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