Exxon Mobil (NYSE:XOM) could post slightly weaker profits in Q4 compared to the previous quarter, as lower energy prices had a negative Q/Q impact on earnings of $3.3B-$4.1B, according to an 8-K filing Wednesday.
Exxon (XOM) anticipates the impact from lower natural gas prices was in the $2B-$2.4B range, while lower crude oil prices accounted for $1.3B-$1.7B, but the losses were offset somewhat by $1.3B-$1.5B in upstream mark-to-market derivative gains, the earnings preview said.
Soaring oil prices that fueled gains for most of 2022 eased in Q4, with Brent futures ending the year at $77.17/bbl after hitting nearly $140 in March, while natural gas closed the year with strong gains, jumping more than 20%.
Exxon’s (XOM) Q4 results likely will cap the company’s most profitable year ever, with a median of analyst estimates compiled by Bloomberg pointing to full-year net income of more than $58B.
Exxon Mobil (XOM) is in growth mode for the next few years, aiming to lift production from 3.7M boe/day to 4.3M boe/day, Fluidsdoc writes in an analysis newly published on Seeking Alpha.
Leave a Reply