By Connor Hart
ExxonMobil expects higher oil and gas prices to boost its first-quarter earnings.
The oil company said higher liquid and gas prices could increase its upstream earnings by as much as $800 million compared with the prior quarter, according to a Thursday filing with the Securities and Exchange Commission.
The change in gas prices could raise earnings by as much as $400 million, with the change in liquid prices accounting for another lift of up to $400 million.
Timing effects, which primarily relate to unsettled derivatives, could boost upstream earnings by $100 million to $500 million, the company said.
In the fourth quarter, Exxon earned $7.6 billion, with $6.5 billion of that coming from upstream earnings.
Changes in industry margins, as well as timing effects, are expected to provide a boost to Exxon's energy products unit. However, the change in industry margins will likely ding its specialty products division.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 03, 2025 18:02 ET (22:02 GMT)
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