US energy giant Exxon Mobil expects lower oil prices to weigh on upstream results in the third quarter, while improved refining margins are expected to make a significant positive contribution. This is according to the company’s preliminary earnings indicators ahead of its report on October 30.
Within upstream, lower prices for oil and other liquid hydrocarbons are expected to reduce results by USD 1.3 billion compared with the second quarter. Higher gas prices are expected to contribute positively by USD 300 million, while other factors are collectively expected to weigh on results by a further USD 600 million.
Overall, the indicators point to a negative earnings impact of around USD 1.6 billion within upstream. Adjusted results for the business area amounted to USD 9.2 billion in the second quarter.
Within refining and energy products, improved margins are meanwhile expected to provide a positive earnings contribution of USD 4.5 billion. ExxonMobil emphasizes that the indicators cover only selected factors and do not constitute a complete earnings forecast.
Exxon will publish its interim report on October 30.
