Exxon Sees $2.1 Billion Earnings Lift From Oil Prices, Refining
10.06.2023 By Tank Terminals - NEWS

October 6, 2023[Rigzone]- Exxon Mobil Corp. likely got a $2.1 billion boost to earnings from higher oil prices and refining margins in the third quarter, which was only partially offset by a decline in chemicals profitability.

 

Rising crude prices accounted for a gain of about $1.1 billion over the previous quarter, while refining increased profits by about $1 billion, Spring, Texas-based Exxon said in a filing Wednesday. An increase in gas prices added about $400 million to earnings, but that will be wiped out by losses in chemicals, which declined even further from already low levels.

The guidance suggests Exxon’s earnings will be about $2.33 a share, according to John Royall, an analyst at JPMorgan Chase & Co., which is in line with the average of analysts’ estimates compiled by Bloomberg. The stock dropped 0.8% in after-market trading.

Analysts estimate Exxon’s third-quarter earnings will increase from the second quarter after three straight sequential declines, the longest stretch since the crash in oil prices from 2014 to 2016. Exxon is the first of the oil majors to post third-quarter earnings expectations, and its guidance has strong read-across for rivals Chevron Corp., BP Plc, Shell Plc and TotalEnergies SE.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

India's First Methanol Plant to be Set up in Telangana
11.21.2024 - NEWS
November 21, 2024 [Chem Analyst]- In a groundbreaking initiative, India is set to get its first m... Read More
Egypt in Talks with Foreign Companies Over Long-Term LNG Purchases, Sources Say
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Egypt is in talks with U.S. and other foreign companies to purchase ... Read More
INEOS and GNFC Sign a Memorandum of Understanding to Build a New World Scale Acetic Acid Unit in India
11.21.2024 - NEWS
November 21, 2024 [INEOS]- INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals L... Read More
Peru's State Oil Firm Could Open to Private Investors in 2025, Chairman says
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Peru’s indebted state-run oil firm could consider offering a ... Read More