Exxon Mobil Forecasts Robust Q3 Earnings Amid Strong Natural Gas Prices
Exxon Mobil anticipates solid third-quarter earnings, driven by elevated natural gas prices following a record-breaking second quarter.
Exxon Mobil is poised for a strong third quarter after achieving unprecedented profits in the second quarter.
The energy giant's shares surged following an optimistic earnings forecast, highlighting that sustained high natural gas prices will underpin robust Q3 results, building on the record $17.9 billion profit reported in Q2.
The company revealed a $2 billion profit boost from natural gas sales, signaling that quarterly earnings will remain near the historic highs of the prior quarter. However, Exxon Mobil cautioned that overall profits may dip slightly due to declines in oil prices and reduced margins in refining and chemical segments.
Exxon projects its operating profit for Q3 to reach approximately $11 billion, up from $6.7 billion in the same period last year but below Q2’s peak. The forecast excludes foreign exchange effects. Earnings per share are expected around $4, slightly less than the $4.21 per share recorded in Q2, yet surpassing analysts' estimates of $3.44.
Natural gas prices, which surged to a 14-year high above $10 per million BTU in August, are a key driver of Exxon’s optimistic outlook. The company anticipates gains between $1.8 billion and $2.2 billion from its natural gas segment in Q3.
Exxon Mobil is set to release its third-quarter earnings on October 28. Year-to-date, the company’s stock has gained over 56%, reflecting strong investor confidence.
Discover the latest news and current events in Finance News as of 11-10-2022. The article titled " Exxon Mobil Forecasts Robust Q3 Earnings Amid Strong Natural Gas Prices " provides you with the most relevant and reliable information in the Finance News field. Each news piece is thoroughly analyzed to deliver valuable insights to our readers.
The information in " Exxon Mobil Forecasts Robust Q3 Earnings Amid Strong Natural Gas Prices " helps you make better-informed decisions within the Finance News category. Our news articles are continuously updated and adhere to journalistic standards.