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Exxon Mobil Corp announced on Monday that changes in oil prices are expected to increase its second-quarter upstream earnings by $300 million to $700 million compared to the first quarter. However, the company also signaled that lower refining margins and natural gas prices will reduce overall profits for the second quarter. Despite the anticipated increase in upstream earnings, Exxon Mobil's stock experienced a decline due to the mixed results in its Q2 2024 outlook. The company also highlighted that its acquisition of Pioneer is expected to significantly boost production.
Exxon signals Q2 below market consensus, excluding Pioneer buy #oott https://t.co/xr4dakhdoW
🔵 EXXON SIGNALS Q2 BELOW MARKET CONSENSUS, EXCLUDING PIONEER BUY Exxon Mobil Corp on Monday signaled that lower refining margins across the industry and lower natural gas prices will reduce profits in the second quarter. Full Story via Reuters on PiQ Suite
Exxon Mobil stock experiences decline as Q2 outlook reveals mixed results. While oil prices rise, gas prices fall, impacting downstream earnings. Upstream earnings may see an increase of $0.3-$0.7 billion. Acquisition of Pioneer anticipated to boost production significantly.
