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ExxonMobil Forecasts Up to $1.9 Billion Q2 Earnings Hit from Lower Commodity Prices

ExxonMobil’s outlook relies solely on market prices ahead of its August 1 Q2 earnings release

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Overview

  • ExxonMobil projects second-quarter earnings will decline by $1.5 billion to $1.9 billion because of weaker oil and gas prices
  • The company anticipates refining margin gains of about $300 million will partially offset the commodity-driven earnings drop
  • Its earnings outlook is based solely on current market prices and does not account for operational performance or production changes
  • Higher U.S. output and increased OPEC+ supply have helped push oil futures down roughly 8% and natural gas prices down about 10% this year
  • Full Q2 results are scheduled for release on August 1 when ExxonMobil will confirm its finalized earnings figures