Exxon Sees Higher Oil Prices Raising Upstream Earnings

, due to higher liquids prices, the U.S. supermajor said on Monday in a preview of its Q2 results. While the change in liquids prices could result in up to $700 million additional upstream earnings, the decline in natural gas prices is expected to reduce these earnings by between $300 million and $700 million compared to the first quarter.

Part of these could be offset by the change in timing effects, which could add between $500 million and $900 million to the earnings of the energy products segment. For the first quarter of 2024, Exxon booked $8.2 billion in total earnings, including $5.7 billion in the upstream division. However, the supermajor’s $8.2 billion earnings were lower than consensus estimates, due to declining natural gas prices and refining margins and non-cash adjustments. Exxon’s first-quarter earnings of $8.

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