(Reuters) – ExxonMobil said today changes in oil prices would increase the company’s second-quarter upstream earnings by US$300 million to US$700 million compared with the first quarter.
The oil major would be reporting its first earnings after closing the acquisition of Pioneer Natural Resources for US$60 billion, with the combined operations making it the largest oil producer in the Permian basin.
Exxon, however, said it expects changes in gas prices to decrease its quarterly upstream earnings by US$300 million to US$700 million compared with the first quarter.
The largest U.S. oil producer had posted US$5.7 billion in upstream earnings for the first quarter ended March 31.
