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.

  • Related Posts

    COP29 climate summit overruns as $250 billion draft deal stalls

    By Valerie Volcovici and Gloria Dickie BAKU (Reuters) -The COP29 climate summit ran into overtime on Friday, after a draft deal that proposed developed nations take the lead in providing…

    Oil prices climb 1% to two-week high as Ukraine war intensifies

    By Scott DiSavino (Reuters) -Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market’s geopolitical risk premium.…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    COP29 climate summit overruns as $250 billion draft deal stalls

    • November 22, 2024
    COP29 climate summit overruns as $250 billion draft deal stalls

    SEC Fines Webull, Two Broker-Dealers for Compliance Failures

    • November 22, 2024
    SEC Fines Webull, Two Broker-Dealers for Compliance Failures

    SEC Fines Webull, Two Brokers-Dealers for Compliance Failures

    • November 22, 2024
    SEC Fines Webull, Two Brokers-Dealers for Compliance Failures

    Oil prices climb 1% to two-week high as Ukraine war intensifies

    • November 22, 2024
    Oil prices climb 1% to two-week high as Ukraine war intensifies

    Oil prices edge up to 2-week high as Ukraine war intensifies

    • November 22, 2024
    Oil prices edge up to 2-week high as Ukraine war intensifies

    COP29 climate summit overruns as $250 billion draft deal flops

    • November 22, 2024
    COP29 climate summit overruns as $250 billion draft deal flops