Oil major ExxonMobil expects its first-quarter earnings to rise by up to $2 billion compared to Q4 2024, driven by higher oil and gas prices and improved refining margins, according to a recent SEC filing.
The company anticipates its upstream segment earnings could increase by up to $900 million due to higher commodity prices and timing effects. Notably, U.S. natural gas prices jumped 30% in Q1 compared to Q4 2024 amid depleting inventories during the coldest winter in six years.
Exxon’s energy products division could see up to $1.2 billion in additional earnings, with higher industry margins generating up to $700 million in profits. U.S. oil refining margins recovered significantly in the first quarter, jumping approximately 20% sequentially after declining at the end of 2024.
The company will report its complete first-quarter earnings on May 2, 2025.
Source: orientalnewsng.com
