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    Home » Exxon faces $1.6bn earnings drop from oil and refining margins

    Exxon faces $1.6bn earnings drop from oil and refining margins

    October 7, 2024
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    *ExxonMobil headquarters logo

    Newswire — ExxonMobil Corp. said lower oil prices and refining margins reduced third-quarter earnings by $1.6 billion compared with the previous period.

    The oil giant revealed quarterly earnings guidance in a regulatory filing Thursday.

    The impacts of lower oil prices and shrinking refining margins will be partly mitigated by gains of about $900 million from timing effects and a reduction in scheduled maintenance at refineries. Natural gas prices and chemical margins will cause little change to earnings, the company said.

    *Kevin Crowley – Bloomberg

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