Exxon Mobil signals better first-quarter earnings as oil prices climb
Exxon Mobil Corp expects rising first-quarter results across its three major businesses, with an at least US$2 billion improvement from prices for ...
BusinessExxon Mobil Corp expects rising first-quarter results across its three major businesses, with an at least US$2 billion improvement from prices for oil and gas driving profits, the company signaled in a securities filing on Wednesday.FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo
01 Apr 2021 05:05AMShare this contentBookmarkREUTERS: Exxon Mobil Corp expects rising first-quarter results across its three major businesses, with an at least US$2 billion improvement from prices for oil and gas driving profits, the company signaled in a securities filing on Wednesday.
The largest U.S. oil producer last year posted four consecutive quarterly losses as falling oil prices and refining margins triggered write downs. It slashed operating expenses last year and could post a per share profit of 50 cents for the quarter ended March 31, according to IBES data from Refinitiv. headtopics.com
AdvertisementAdvertisementThe filing, detailing factors that affected the business, showed higher oil prices sequentially lift its oil and gas operating results by between US$1.6 billion and US$2 billion over the fourth quarter. Natural gas pricing added another up to US$700 million to operating profit, it indicated.
The filing also signaled a gain of as much as US$1 billion in refining from better margins and unsettled derivatives. Exxon's chemicals business is seen recording an up to US$600 million boost over fourth quarter results in its chemicals business from better margins.
A deep freeze and electric power crisis in Texas in February halted refining and other energy operations for several days.Storm impacts including lower production and sales volumes or repairs were as high as US$700 million across Exxon's three major businesses.
AdvertisementAdvertisementConocoPhillips on Wednesday said its first-quarter results will benefit from higher oil prices and output, but the forecast included an about 50,000 barrel per day hit from the Texas storm.Devon Energy Corp on Monday said winter weather hit first-quarter output by 8per cent. headtopics.com
Exxon shares have surged more than a third this year to US$55.83 as investors bet on a turnaround in oil prices and product demand from pandemic-driven lows.It provides a snapshot of its key businesses after the end of each quarter to give investors insight into operations.
AdvertisementOfficial results are scheduled to be released April 29.Reported first-quarter earnings could hit US$2.26 billion, according to Refinitiv IBES, compared with a year-earlier loss of US$610 million.(Reporting by Jennifer Hiller and Shariq Khan; Editing by Anil D'Silva and Diane Craft)Read more: CNA »
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