Exxon Flags Lower Quarterly Profit Amid Low Natural Gas Prices, Refining Margins
Portfolio Pulse from Vandana Singh
Exxon Mobil Corp (NYSE:XOM) expects a decrease in Q2 earnings by approximately $4 billion due to lower natural gas prices and refining margins. The lower earnings may bring Exxon's net income down to around $7.5 billion. The company estimates lower Q2 earnings due to up to $2.2 billion lower earnings in the upstream division and another up to $2.2 billion decline in the energy products division. Exxon's shares are down 2.22% in the premarket session.
July 06, 2023 | 1:03 pm
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Exxon Mobil's Q2 earnings are expected to decrease by approximately $4 billion due to lower natural gas prices and refining margins. This news has led to a 2.22% drop in the company's shares in premarket trading.
The expected decrease in Exxon Mobil's Q2 earnings is due to lower natural gas prices and refining margins. This negative news has led to a decrease in the company's stock price, indicating a negative short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100