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Exxon Mobil(NYSE:XOM) -0.9% In trading on Monday, the company disclosed that changes in natural gas prices caused its second-quarter upstream revenue to fall by $300 million to $700 million compared with the first quarter, when its total upstream revenue was $5.7B.
Exxon Mobil (XOM) could suffer losses from natural gas prices According to the latest news, this will completely offset the $300 million to $700 million in gains from oil prices.
Refining revenue will be down $1.1B-$1.5B this quarter from the previous three months, after the unit posted a $1.4B profit in the first quarter.
Exxon Mobil (XOM) also said that the acquisition of Pioneer will increase its total production in the second quarter by 500,000 to 550,000 barrels of oil equivalent per day.
According to Bloomberg, RBC Capital analyst Biraj Borkhataria wrote that the hit to the refining business means that implied headline earnings per share “appear thin compared to market expectations,” indicating second-quarter net profit of about $8.3B, Although the analyst said Exxon Mobil (XOM) regularly beats its guidance.
Analysts had expected second-quarter net profit to total about $10B, according to Bloomberg consensus.
