Exxon Mobil has signaled a decline in its third-quarter oil and gas earnings, with an anticipated $1.6 billion hit from lower oil and refining margins. Similarly, Shell ($SHEL) has reported a significant drop in refining margins and weaker oil product trading for the third quarter. Despite this, Shell expects higher liquefied natural gas (LNG) output and stable gas trading compared to the second quarter, which may offset some of the refining weaknesses. ExxonMobil's market capitalization has risen above $550 billion for the first time, marking a significant recovery from its low point in early 2020.