Exxon expects higher gas, oil prices to boost quarterly earnings by up to $1.5 billion

September 30, 2021

HOUSTON (Reuters) -Exxon Mobil Corp signaled on Thursday that higher oil and gas prices would boost third-quarter earnings by as much as $1.5 billion over the second quarter.

Oil prices are up 52% this year and natural gas prices in the United States have more than doubled as demand has recovered as economies reopen from the COVID-19 pandemic.

The U.S. oil producer, which reports third-quarter results on Oct. 29, said a change in downstream refining margins could add from $500 million to $700 million in the quarter.

Chemical margins, on the other hand, could cut operating profit by between $200 million and $400 million, the company said in a securities filing.

Exxon has been cutting costs and laying off personnel following a historic loss last year. The recent rebound in oil and gas prices has helped the company’s bottom line this year.

(Reporting by Sabrina Valle in Houston and Uday Sampath in BengaluruEditing by Shounak Dasgupta and Matthew Lewis)

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