((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(More on oil prices and Exxon’s past results)
The collapse in oil prices likely reduced Exxon Mobil’s upstream profits
XOM.N in the third quarter from $600 million to $1 billion, the oil major said in a regulatory filing released Thursday.
Oil prices fell 17% in the third quarter, the biggest quarterly decline in a year, on concerns about the outlook for global oil demand. Brent LCOc1 futures settled at 71, 77 dollars per barrel on the last trading day of the quarter.
The company, in its results presentation, indicated that the decline in refining margins during the quarter would also affect profits to the tune of $1 billion. Global fuel markets have been hit by declining consumer and industry demand, particularly in China where economic growth is slowing and the use of electric vehicles is increasing.
Exxon shares closed at $122.58 on Thursday. They only made a penny in after-hours trading.
Exxon reported upstream profit of $7.07 billion in the second quarter and net profit of $9.1 billion in the third quarter a year earlier, or $2.25 per share.
Analysts expect the industry giant to post adjusted earnings of $1.97 per share in the third quarter, according to estimates compiled by LSEG.
