ExxonMobil has indicated a dip in second-quarter earnings, according to a Securities and Exchange Commission (SEC) 8K form filing.
It said several market factors are expected to influence second-quarter results. A change in liquids prices is estimated to increase earnings by US$0.3 to US$0.7 billion, while a change in gas prices is expected to decrease earnings by US$0.3 to US$0.7 billion.
Changes in industry margins could decrease earnings for energy products by US$1.1 to US$1.5 billion, with chemical products seeing an impact between US$0.0 and US$0.2 billion and specialty products between a decrease of US$0.1 billion and an increase of US$0.1 billion. Timing effects are expected to affect upstream earnings by between a decrease of US$0.1 billion and an increase of US$0.3 billion, and energy products by US$0.5 to US$0.9 billion.
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Exxon said planned and seasonal factors, including scheduled maintenance, may also impact second-quarter earnings.
ExxonMobil notes that these estimates exclude the impacts from the Pioneer Natural Resources acquisition and do not account for unscheduled downtime, foreign exchange fluctuations, or ongoing improvement initiatives. The final results will reflect adjustments and charges required by changing industry conditions and the financial reporting process for 2Q 2024.
In the first quarter of 2024, Exxon reported earnings of US$5.7 billion from its upstream segment, US$1.4 billion from energy products, US$0.8 billion from chemical products, US$0.8 billion from specialty products, and a loss of US$0.4 billion from corporate and financing, totaling US$8.2 billion.
