Exxon Mobil signals higher second-quarter upstream earnings
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IN SHORT
Exxon Mobil anticipates a rise in second-quarter upstream earnings, projecting between $3.5 billion and $3.9 billion, influenced by oil price fluctuations. This projection follows a first-quarter upstream earning of $5.7 billion. Meanwhile, Chinese refiner Hengli Petrochemical reported its profit more than doubled in the first half of the year. This increase is attributed to higher global oil prices, exacerbated by geopolitical conflicts, which are benefiting energy companies sector-wide.
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Key Numbers
$3.5 billion to $3.9 billionExxon Mobil's projected Q2 upstream earnings
$5.7 billionExxon Mobil's Q1 upstream earnings
$7.1 billionExxon Mobil's prior year Q2 net profit
Who's Involved
Exxon Mobil
Energy company signaling higher upstream earnings
Hengli Petrochemical
Chinese refiner reporting doubled profits
U.S.
Government that sanctioned Hengli Petrochemical
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Key facts
Exxon Mobil projects second-quarter upstream earnings between $3.5 billion and $3.9 billion.
Exxon Mobil's first-quarter upstream earnings were $5.7 billion.
Exxon Mobil's second-quarter net profit in the prior year was $7.1 billion.
Hengli Petrochemical's profit more than doubled in the first half of the year.
Hengli Petrochemical is a Chinese refiner.
Hengli Petrochemical is sanctioned by the U.S. for alleged dealings with Iran.
Higher global oil prices are driving increased profits in the energy sector.
Geopolitical conflicts are contributing to higher global oil prices.
Exxon Mobil has signaled an anticipated increase in its second-quarter upstream earnings, projecting a range of $3.5 billion to $3.9 billion. The company indicated in a regulatory filing that this rise is primarily driven by changes in oil prices. These figures contrast with its first-quarter upstream earnings, which stood at $5.7 billion, and the $7.1 billion net profit recorded in the second quarter of the prior year.
In a separate development, Hengli Petrochemical, a Chinese refiner that has faced U.S. sanctions for alleged dealings with Iran, has announced that its profit more than doubled during the first half of the current year. The company attributes this significant profit surge to elevated global oil prices. These higher prices are reportedly fueled by ongoing geopolitical conflicts, which are collectively boosting financial results for companies within the energy sector.
↳ Why This Matters
Exxon Mobil has signaled an anticipated increase in its second-quarter upstream earnings, projecting a range of $3.5 billion to $3.9 billion. The company indicated in a regulatory filing that this rise is primarily driven by changes in oil prices. These figures contrast with its first-quarter upstream earnings, which stood at $5.7 billion, and the $7.1 billion net profit recorded in the second quarter of the prior year.
Frequently asked questions
Exxon Mobil signaled that its second-quarter upstream earnings would be between $3.5 billion and $3.9 billion.
Changes in oil prices are expected to boost upstream earnings, while record production from the Permian Basin and higher refining margins are contributing to overall profit, despite lower energy prices.
Net income fell 36% from a year earlier to $7.08 billion, reflecting lower commodity price realizations, although revenue and adjusted earnings per share surpassed analyst estimates.
What Happens Next
01Exxon Mobil will likely provide further details on its financial performance and outlook during its upcoming earnings call.
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