(Reuters) – Exxon Mobil (XOM.N) signaled in a regulatory filing yesterday that changes in oil prices would reduce the energy major’s third-quarter upstream earnings by US$600 million to US$1 billion.
The company, in its earnings snapshot, suggested refining margins during the quarter would also negatively impact its profits by up to $1 billion.
Oil prices declined in the July-September quarter due to concerns about global oil demand growth.
Exxon posted $7.07 billion in upstream earnings for the second quarter and a net profit of $9.1 billion in the year-ago third quarter.
Analysts expect the industry giant to post an adjusted profit of $1.97 per share in the third quarter, according to estimates compiled by LSEG.
