Exxon Mobil Corp expects rising first-quarter results across its three major businesses, with an at least US$2 billion improvement from prices for oil and gas driving profits, the company signaled in a securities filing on Wednesday.
The largest U.S. oil producer last year posted four consecutive quarterly losses as falling oil prices and refining margins triggered write downs. It slashed operating expenses last year and could post a per share profit of 50 cents for the quarter ended March 31, according to IBES data from Refinitiv.The filing, detailing factors that affected the business, showed higher oil prices sequentially lift its oil and gas operating results by between US$1.
A deep freeze and electric power crisis in Texas in February halted refining and other energy operations for several days.
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