Exxon Mobil Warns of Lower Q4 Earnings Up to $0.9 Billion Amid Crude Price Decline; Shell Cuts LNG Outlook

Exxon Mobil has signaled a decline in its fourth-quarter earnings, primarily due to lower crude prices and tighter refining margins. Analysts have noted that the company's upstream earnings could drop by as much as $0.9 billion, with gas prices expected to further impact earnings by approximately $0.4 billion. Additionally, Exxon’s shares have fallen in response to this warning. The company’s struggles are attributed to reduced demand, weak oil prices, and overcapacity in the market. Meanwhile, rival Shell has also indicated a weaker fourth quarter, reducing its LNG production outlook and anticipating lower results across oil, gas, and trading sectors, alongside significant impairments in renewables. Full-year results for both companies are expected at the end of January.