ExxonMobil expects a significant rise in first-quarter earnings, driven by higher crude oil and natural gas prices.
The company signaled in a Securities Exchange Commission (SEC) filing on April 3, published on its website, that these factors and stronger refining margins will lift earnings by about US$900 million compared to the previous quarter.
In the SEC filing, Exxon projected that refining margins alone could add between US$300 million and US$700 million to its earnings. The company will release its official first-quarter results on May 2.
Exxon reported US$7.39 billion in earnings in the fourth quarter and US$8.22 billion in the same period last year.
Stabroek Block operator ExxonMobil tops June 2024 charts for global market cap. | OilNOW
The earnings outlook follows a turbulent quarter, during which the U.S. government briefly announced tariffs on Canadian and Mexican energy imports before reversing course.
Exxon holds a 45% interest in Guyana’s Stabroek Block. Hess holds 30%, while CNOOC holds a 25% interest.
