Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Exxon signals strong Q3 earnings on natural gas pricing

Commodities Oct 04, 2022 08:27PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The Exxon Mobil Corp building is pictured in Georgetown, Guyana February 18, 2022. REUTERS/Sabrina Valle
 
XOM
-1.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LCO
-2.81%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NG
+0.52%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Sabrina Valle

HOUSTON (Reuters) -Exxon Mobil Corp on Tuesday signaled strong third quarter operating profits on the heels of the prior quarter's all-time high as earnings from natural gas offset weaker refining and chemicals, according to a securities filing.

The largest U.S. oil producer issued a snapshot of factors affecting its third quarter that showed results could land near the company's $17.9 billion second quarter profit.

Exxon (NYSE:XOM) and rivals this year have posted sky-high earnings on rising energy prices and demand aided by cost-cutting. Gas prices, in particular, have soared this year on strong demand from Europe since Russia's invasion of Ukraine.

In the third quarter, U.S. natural gas prices averaged $7.95 per million British thermal units (mmBtu), up from $7.17 mmBtu in the second quarter. Brent prices eased to $98 per barrel in the same period, from an average of $109 between April and June. Exxon's official results are due on Oct. 28.

The snapshot showing more stellar profits comes after Exxon Chief Executive Darren Woods and U.S. Energy Secretary Jennifer Granholm clashed over White House criticism of fuel prices last week. In a breakdown of individual business units, Exxon indicated natural gas boosted operating results by about $2 billion, offsetting an about $1.6 billion decline in oil profits. Earnings from pumping oil and gas could reach about $13 billion, compared to Wall Street's forecast of a $10.1 billion operating profit.

Weak refining margins reduced profits from selling gasoline and diesel by about $2.6 billion, offset by lower maintenance costs and an additional business day during the quarter. Operating profit could fall to about $3.4 billion from $5.3 billion in the second quarter, the filing indicated.

Chemical results also will slip by about $300 million from the prior period's $1.07 billion operating profit, and motor oil results will double to about $800 million, offsetting the chemicals drop, the filing showed.

Overall, a tally of changes show an operating profit of about $17.8 billion, above IBES Refinitiv forecast of a $14.68 billion, or $3.44 per share, profit. Exxon earned $17.9 billion, or $4.21 per share, an all time record, in the prior quarter.

Exxon signals strong Q3 earnings on natural gas pricing
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
Ranga Prabash
Ranga Prabash Oct 04, 2022 10:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hi all I am going to enter natural gas shares,is this best time to enter
Ranga Prabash
Ranga Prabash Oct 04, 2022 10:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hi all I am going to enter natural gas shares,is this best time to enter
Ranga Prabash
Ranga Prabash Oct 04, 2022 10:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hey I am going to invest natural gas isbthisbbeat time to enter
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email