Exxon Warns Q1 Profits Will Suffer Due to Lower Oil Prices

Exxon has warned that its first-quarter income figures will be affected by lower oil prices , Reuters has reported, citing a securities filing. Besides lower oil benchmarks, the company also pointed to weaker gas prices and a sizeable loss from its fuel derivatives business, the report noted. Per the filing, Exxon will report an operating result of $6.65 billion for the first three months of 2024, down from a record $11.

Natural gas prices fared a lot worse as strong supply from the shale patch in the United States kept the benchmarks severely depressed, leading to producers cutting production and boosting their drilled but uncompleted well inventories in anticipation of higher prices. This price weakness cost Exxon some $600 million compared to the previous quarter, according to the filing cited by Reuters. However, the biggest loss came from its fuel derivatives business, at a hefty $1.

Source: News Formal (newsformal.com)

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