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

📆 01/04/2021 05:25:00

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Exxon Mobil Corp expects rising first-quarter results across its three major businesses, with an at least $2 billion improvement from prices for oil and gas driving profits, the company signaled in a securities filing on Wednesday.

📆 01/04/2021 05:25:00
📰 Reuters

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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

The filing, detailing factors that affected the business, showed higher oil prices sequentially lift its oil and gas operating results by between $1.6 billion and $2 billion over the fourth quarter. Natural gas pricing added another up to $700 million to operating profit, it indicated. A deep freeze and electric power crisis in Texas in February halted refining and other energy operations for several days.

ConocoPhillips 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 8%.

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