U.S. oil and gas supermajor Exxon Mobil Corp. NYSEXOM is likely to post a good earnings report after disclosing it received a $2.1 billion boost to third quarter earnings from higher oil prices and robust refining margins, only partially offset by a fall in profits by its chemicals segment. According to the company, rising crude prices contributed to a gain of $1.1 billion over the previous quarter, while refining profits increased by $1 billion, the company revealed in a filing on Wednesday.
Analysts estimate Exxon’s Q3 2023 earnings will increase from the second quarter, marking the first sequential increase after three consecutive decreases, the company’s longest losing streak since the crash in oil prices from 2014 to 2016. Exxon is the first oil major to post third-quarter earnings expectations, with similar updates expected from Chevron Corp. NYSECVX, BP Plc NYSEBP, Shell Plc NYSESHEL and TotalEnergies SE NYSETTE.
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