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Exxon Mobil signals fall in third-quarter upstream earnings

(Reuters) -Exxon Mobil signaled in a regulatory filing on Thursday that changes in oil prices would reduce the energy major’s third-quarter upstream earnings by $600 million to $1 billion.

The company, in its earnings snapshot, suggested refining margins during the quarter would also negatively impact its profits by up to $1 billion.

Oil prices declined in the July-September quarter due to concerns about global oil demand growth.

Exxon (NYSE:XOM) posted $7.07 billion in upstream earnings for the second quarter and a net profit of $9.1 billion in the year-ago third quarter.

Analysts expect the industry giant to post an adjusted profit of $1.97 per share in the third quarter, according to estimates compiled by LSEG.

This post is originally published on INVESTING.

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