Followers | 679 |
Posts | 140715 |
Boards Moderated | 37 |
Alias Born | 03/10/2004 |
Monday, April 04, 2022 8:55:18 AM
By: Reuters | April 4, 2022
• Exxon Mobil Corp on Monday signaled first quarter production results could top a four-year quarterly record, with operating profits from pumping oil and gas approaching $10.1 billion.
HOUSTON (Reuters) -Exxon Mobil Corp on Monday said its first-quarter production results could top a seven-year quarterly record, with operating profits from pumping oil and gas of up to $9.3 billion.
A snapshot of the largest U.S. oil company’s quarter ended March 31 showed operating profits from its oil and gas unit could jump by between $1.9 billion and $2.7 billion over the prior quarter’s $6.6 billion.
Official results are expected to be released on April 29, according to a securities filing.
Exxon does not hedge, or lock in oil sales, and results generally match changes in energy prices. Russia’s invasion of Ukraine pushed up oil by 45% last quarter over the final period of 2021, to an average of $114 per barrel, the highest in seven years.
The blockbuster oil and gas profits offer a preview of what lies ahead for other firms’ oil earnings. Such results could strengthen calls by U.S. and European Union lawmakers for windfall profits taxes on energy companies.
Final results could be dampened by impairments to Exxon’s Russian operations. The company last month said it would phase out of Russia following the invasion of Ukraine. The oil company has $4 billion in assets at risk to potential seizure and faces a 1% to 2% hit to production and revenue from the move.
“Depending on the terms of its exit from Sakhalin, the company may be required to impair its investment in the project,” it said in a filing.
Operating profits in refining could be up to $300 million higher, while its chemicals business could decrease by as much as $300 million compared to the previous quarter.
First quarter per share profit was projected to be $2.12, according to the mean estimate of 18 analysts tracked by Refinitiv IBES – or year-over-year growth of more than 200% from a year ago. Analysts could review their outlook following Exxon’s estimates.
High oil and gas prices accelerated after Russia’s invasion and sanctions were imposed on its oil, coal and LNG. Global oil prices hit a 14-year high in the first quarter and have since cooled as the U.S. announced a release of emergency stocks and China began a lockdown.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent XOM News
- Nasdaq, S&P 500 Extend Losing Streaks On Tech Weakness But Dow Advances • IH Market News • 04/19/2024 08:32:14 PM
- ExxonMobil Makes Application to Cease to be a Reporting Issuer in Canada • Business Wire • 04/15/2024 10:26:00 PM
- ExxonMobil to Release First Quarter 2024 Financial Results • Business Wire • 04/12/2024 04:43:00 PM
- ExxonMobil Guyana moves forward with sixth offshore development • Business Wire • 04/12/2024 11:15:00 AM
- Paramount Global Board Shrinks, Morgan Stanley Faces Regulatory Probe, and More News • IH Market News • 04/12/2024 11:05:29 AM
- Exxon Mobil Forecasts Earnings Decline, Twilio Seeks Board Tenure Changes, and More News • IH Market News • 04/04/2024 11:30:20 AM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- Double E Pipeline Announces Open Season for Available Capacity • PR Newswire (US) • 04/01/2024 09:00:00 PM
- Apple Pre-Market Drop Due to Antitrust Threats, Surprising Profit Boosts Micron Shares, and Latest Market Updates • IH Market News • 03/21/2024 11:17:26 AM
- Unilever Initiates Ice Cream Division Spin-Off and Announces Job Cuts; Berkshire Ramps Up Share Buyback Efforts, and More • IH Market News • 03/19/2024 11:33:10 AM
- Intel Loses Pentagon Funding, Shell Plans 20% Business Team Reduction, and Latest News • IH Market News • 03/13/2024 11:02:03 AM
- CNOOC Oil Field Discovery in South China Sea, Grifols Surges 18% After KPMG Approval, and Latest News • IH Market News • 03/08/2024 11:19:59 AM
- ExxonMobil to Speak at Morgan Stanley’s Energy & Power Conference • Business Wire • 03/05/2024 12:05:00 AM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 02/28/2024 04:44:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 04:20:12 PM
- Expedia Announces 1,500 Job Cuts; Hims & Hers Surges 19.8% Post Financial Results, and More News • IH Market News • 02/27/2024 11:15:07 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 03:39:33 PM
- Nike Workforce Reduction, The Trade Desk Soars 19% on $606 Million Revenue, and Latest News • IH Market News • 02/16/2024 11:08:22 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/15/2024 10:57:55 PM
- ExxonMobil Obtains Exemption from Canadian Oil and Gas Reporting Obligations • Business Wire • 02/15/2024 09:15:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 09:55:49 PM
- Cloudflare Skyrockets 26% Pre-Market; Expedia Plunges 14% After CEO Resignation, and More • IH Market News • 02/09/2024 10:51:57 AM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 02/02/2024 09:53:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/02/2024 11:31:50 AM
VPR Brands LP Reports Record Annual Financial Performance for Fiscal Year 2023 • VPRB • Apr 19, 2024 11:24 AM
Coinllectibles' Subsidiary, Grand Town Development Limited, Acquires Rare Song Dynasty Ceramics Worth Over USD28million • COSG • Apr 18, 2024 8:03 AM
ILUS Provides Form 10-K Filing Update • ILUS • Apr 17, 2024 9:54 AM
Glucotrack Announces Expansion of Its Continuous Glucose Monitoring Technology to Epidural Glucose Monitoring • GCTK • Apr 17, 2024 8:00 AM
Maybacks Global Entertainment To Fire Up 24 New Stations in Louisiana • AHRO • Apr 16, 2024 1:30 PM
Cannabix Technologies Begins Certification of Contactless Alcohol Breathalyzer, Re-Brands product series to Breath Logix • BLOZF • Apr 16, 2024 8:52 AM