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.
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.
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