ExxonMobil forecasts a dip in Q3 2024 earnings due to market factors, with estimated total earnings at US$9.2 billion.
A key factor is declining liquid prices, expected to reduce upstream earnings by US$1.0 to US$0.6 billion, the company said in a recent Securities Exchange Council (SEC) filing.
Exxon said gas prices are expected to be more stable, with potential impacts ranging from US-$0.2 to US$0.2 billion. Margins in the industry, especially for energy and chemical products, could see a decline of up to US$1.0 billion, further affecting earnings.
Stabroek Block operator ExxonMobil tops June 2024 charts for global market cap. | OilNOW
Scheduled maintenance will also contribute to earnings reductions across various segments, with potential impacts of US$0.2 to US$0.0 billion on upstream and US$0.3 to US$0.5 billion on energy products.
Specialty products may see smaller impacts from planned maintenance, ranging from US-$0.1 to US $0.1 billion.
Exxon holds a 45% interest in Guyana’s Stabroek Block. Hess holds 30%, while CNOOC holds a 25% interest.
