Exxon signals strong Q3 earnings, but shy of record
2022.10.04 17:51
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© Reuters. FILE PHOTO: The Exxon Mobil Corp building is pictured in Georgetown, Guyana February 18, 2022. REUTERS/Sabrina Valle
By Sabrina Valle
(Reuters) -Exxon Mobil Corp on Tuesday signaled third quarter operating profits will cool from the second quarter’s all time high as oil prices, refining and chemical margins pulled back from the previous period, according to a securities filing.
The largest U.S. oil producer issued a snapshot of factors affecting third quarter results that showed operating results could drop to about $11 billion before impairments, down from the $17.9 billion profit from the second quarter.
The preview indicated was the one business to benefit from higher prices last quarter.
Exxon (NYSE:) and rivals this year have posted sky-high earnings on rising energy prices and demand aided by cost-cutting.
In the third quarter, U.S. natural gas prices averaged $8.47 per million British thermal units, up from $7.17 mmBtu in the second quarter. prices eased to $98 per barrel in the same period, from an average of $109 between April and June. Exxon’s official results are due on Oct. 28.
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