EconomyEditor's PickNewsExxon expects higher oil price to boost third-quarter results

2 years ago354 min
imageStock Markets1 hour ago (Oct 01, 2020 07:30AM ET)

(C) Reuters. FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba

(Reuters) – Exxon Mobil Corp (N:XOM) said on Thursday its third-quarter results would be buoyed by higher prices for crude oil after a historic collapse in the previous quarter as coronavirus-related lockdowns caused a dramatic plunge in demand.

Higher oil prices will help exploration and production earnings by $1.4 billion to $1.8 billion, compared with the second quarter, it said in a filing. However, weak gas prices will continue to weigh on the segment and could hurt earnings by as much as $500 million.

Lower demand for fuels would hurt refining margins by $200 million to $600 million, the company said. (https://

Exxon expects higher oil price to boost third-quarter results

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