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Exxon Mobil (NYSE:XOM) appears likely to report strong Q3 results, after disclosing Wednesday that it expects higher prices for crude oil, natural gas and fuel product will deliver a Q3 operating profit in the $8.3B-$11.4B range, below record earnings from a year ago but up from Q2.
Exxon (XOM) said in an SEC filing that it sees higher liquids prices adding $900M-$1.3B to its Upstream profit compared with the previous quarter, while higher gas prices should add $200M-$600M to Upstream earnings.
However, the company said it expects $400M-$600M less as a result of thinner margins for its chemical products.
Exxon (XOM) shares closed Wednesday’s trading -3.7% as crude oil prices fell to their lowest levels in more than a month; the stock closed at a record high a week ago.