ExxonMobil Guides Q3 Earnings Up $4.5B on Refining Margins
XOM sits 61% above its 52-week low of $110.385 on light trading volume (0.4× avg).
Summary
ExxonMobil's preliminary Q3 update shows refining margins adding an estimated $4.5 billion to earnings, a sizable swing for a quarter. That gain is partly offset by $1.3 billion from lower oil prices and a $2.5 billion timing effect on derivatives that the company expects to reverse in coming quarters. The Middle East supply disruptions also produced hedge losses that weren't offset by physical shipments. This follows a Q2 that posted $14.5 billion in net income, so the refining tailwind keeps the earnings momentum intact even as crude prices soften. Shares are trading near a 52-week high at $177.55, up 1.6% on the session.
At the time of this announcement, XOM was trading at $177.18 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $728.5B. The 52-week trading range was $110.39 to $178.69. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: dpa-AFX.