ExxonMobil Warns Oil Prices to Cut Q3 Upstream Earnings by $1.3B
XOM sits 60% above its 52-week low of $110.385.
Summary
ExxonMobil disclosed in a regulatory filing that lower oil prices will reduce third-quarter upstream earnings by $1.3 billion. For context, the company posted $7.9 billion in upstream earnings in Q2 and $7.5 billion in net profit in the year-ago third quarter. The warning comes after a blowout Q2 in which net income hit $14.5 billion, more than triple the prior quarter, on record Permian production and elevated oil prices. The stock is trading near its 52-week high, so any guidance cut is likely to pressure shares as investors recalibrate expectations for the quarter. Watch the full Q3 earnings release for the actual impact across segments and any update to the H2 fuel-price outlook.
At the time of this announcement, XOM was trading at $176.47 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $718.3B. The 52-week trading range was $110.39 to $178.69. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.