Exxon Signals Knockout Refining Earnings as Diesel Prices Soar
ExxonMobil Holdings Corp. is the latest oil supermajor to signal soaring third-quarter refining profits as wars in the Persian Gulf and Russia crippled fuel-making facilities.
ExxonMobil anticipates a significant boost to its downstream profits of $4.5 billion in the third quarter, driven by soaring refining margins. Analysts attribute the surge to heightened fuel prices resulting from the ongoing conflict in Iran and Russian refinery disruptions. ExxonMobil's adjusted net income from refining could reach $8.5 billion, more than double the previous quarter's profit.
The company's earnings preview also notes a $1.3 billion decline in upstream earnings, no disruptions from the Iran war, and potential gains from asset divestitures of $700 million. Exxon's quarterly results are set to be disclosed on October 30, with the stock seeing a modest increase in pre-market trading.
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