ExxonMobil Corporation, the largest oil producer in the U.S. and Guyana, anticipates a boost in its third-quarter operating profit, driven by surges in oil, gas, and fuel prices. The company revealed this information in a securities filing posted on Oct. 4.
Exxon projects its operating profit for the third quarter to fall within the range of US$8.3 billion and US$11.4 billion. While this marks an improvement from the US$7.9 billion delivered in the second quarter of this year, it remains below the record-setting US$19.7 billion reported for the same period a year earlier.
Wall Street’s consensus for Exxon’s official third-quarter earnings report, scheduled for October 27, stands at US$9.22 billion, equivalent to US$2.37 per share.
During the third quarter, Exxon said its earnings from oil and gas production saw significant gains, benefiting from an approximately 30% increase in crude oil prices. Notably, the Brent global benchmark price at the end of September reached nearly US$97 per barrel, a substantial rise from US$72 at the end of June.
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Exxon expects its oil and gas operating profits for the third quarter to range between US$5.2 billion and US$6.7 billion, contrasting with the US$12.4 billion reported for the same period last year.
The surge in operating profits during the third quarter of the previous year was primarily attributed to the sharp increase in natural gas prices, which followed Russia’s invasion of Ukraine.
