Exxon, Ibes, Price, Texas

Exxon, Ibes

Exxon Mobil signals better first-quarter earnings as oil prices climb

Exxon Mobil signals better first-quarter earnings as oil prices climb

1/4/2021 12:30:00 AM

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

Changi Airport COVID-19 cluster grows as family members, household contacts of previous cases test positive Singapore calls for de-escalation of violence in Israel and Gaza Singapore Red Cross raises more than S$3.2 million in donations to help India fight COVID-19

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

13 new community COVID-19 cases, including operating theatre technician at Ng Teng Fong General Hospital Man died rescuing dogs after PMD left charging caught fire; coroner rules death unfortunate misadventure Indonesia study finds China's Sinovac COVID-19 vaccine effective in medical staff

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 »

1.8 million people have received at least one dose of COVID-19 vaccine: Health minister

A total of 1.2 million people have completed the full vaccination regimen, says Mr Gan Kim Yong.

Exxon floats US$100 billion carbon storage project requiring public, private financingHOUSTON, Texas : Exxon Mobil on Monday (Apr 20) floated a proposal for a public-private carbon storage project that would collect planet-warming ... Exxon wants PUBLIC financing? NO. They should take full responsibility for cleaning up their own mess!

HDB resale prices climb for 4th consecutive quarter in Q1SINGAPORE: Resale prices in the public housing market rose 3 per cent in the first quarter of 2021 from the previous quarter, the Housing and ...

Singapore home price growth accelerates as property market boomsSingapore private home prices rose 2.9% in the first quarter, Urban Redevelopment Authority preliminary figures showed.