ExxonMobil signals $4.5 billion refining earnings boost as margins soar
XOM•ExxonMobil said higher third-quarter refining margins could boost downstream profit by $4.5 billion versus the second quarter, while upstream earnings could fall by $1.3 billion. The company will release full results on October 30.
1. Refining gains and upstream hit
ExxonMobil signaled that higher refining margins in the third quarter could boost downstream profit by $4.5 billion compared with the previous three months. Upstream earnings could take a $1.3 billion hit, as the average closing Brent benchmark price declined about 5.6% from the second quarter.
2. Other filing details
ExxonMobil said it had no volume-related disruptions during the quarter stemming from the Iran war. Divestitures of some upstream assets are expected to boost earnings by $700 million. The company will release full third-quarter results on October 30.
