ExxonMobil Warns Lower Oil Prices and Refining Margins Will Hurt Q3 Profit [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: Yahoo! Finance
The company predicted that the change in prices would lower upstream earnings by $600 million to $1 billion, and the change in industry margins would do the same for energy products. ExxonMobil's stock price has basically mirrored the price of oil this year. ExxonMobil ( XOM ) warned that lower oil prices and refining margins will have a negative impact on third quarter results as compared to the previous quarter. The energy giant wrote in a regulatory filing that a change in crude prices would cause a $600 million to $1 billion reduction in upstream profit. It expects a similar financial effect by a change in industry margins for energy products. The company added that gas prices could either boost upstream earnings by $200 million or cut them by $200 million. ExxonMobil made $9.2 billion in the second quarter. It posted $9.1 billion in earnings in the third quarter of 2023. Oil Futures Had Been Declining Until Recent Middle East Tensions Oil futures began losing ground
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XOM
Earnings
- 8/2/24 - Beat
XOM
Sec Filings
- 10/4/24 - Form FWP
- 10/3/24 - Form 8-K
- 9/30/24 - Form 424B2
- XOM's page on the SEC website