ExxonMobil Warns of Lower Q4 Profits Due to Weak Oil Prices and Refining Margins

The oil giant forecasts a significant earnings decline, citing reduced demand, oversupply, and global refining challenges.

ExxonMobil expects fourth-quarter earnings to drop by $1.75 billion compared to the previous quarter, reflecting a challenging market environment.
Lower crude and liquids prices are projected to reduce upstream earnings by $500 million to $900 million, while refining margins are expected to cut profits by another $500 million.
Global oversupply of oil and soft demand are contributing to the company's weaker performance, alongside increased competition from new refining plants worldwide.
The company anticipates a $400 million gain from asset sales in Q4, offset by charges of the same amount, with no changes in operational performance factored into the outlook.
Exxon's stock has underperformed the S&P 500 over the past year, rising 7.6% compared to the index's 23.3% gain.