EXXONMOBIL said on Monday changes in crude oil prices over the third quarter could impact the company’s upstream earnings from negative US$100 million to as much as a positive US$300 million.
The company also signaled in a regulatory filing that stronger margins in the refining business could boost earnings by US$300 million to US$700 million, compared with the second quarter.
Benchmark Brent crude prices averaged US$68.17 per barrel from July through September, up 2 per cent from the previous quarter. US natural gas prices declined 12.5 per cent from the previous quarter and averaged US$3.07 per million British thermal units.
ExxonMobil said changes in gas prices could affect its quarterly upstream earnings from a negative US$200 million to as much as a positive US$200 million.
The company also said restructuring costs could negatively impact overall earnings by US$400 million to US$600 million.
ExxonMobil’s regulatory filing provides a snapshot of market factors that affected the top US oil firm’s business and is watched by investors for signals about the performance of the broader industry and other producers.
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The company will release its final quarterly results on Oct 31.
Analysts expect ExxonMobil to report adjusted earnings of US$1.79 per share for the third quarter, according to consensus estimates compiled by LSEG.
French oil major TotalEnergies and UK-based BP will report third-quarter results on Oct 30 and Nov 4.
The industry bellwether had posted US$5.4 billion in upstream earnings for the second quarter. REUTERS
