Exxon Mobil Corporation (NYSE:XOM) expects its third-quarter operating profit to be lifted by increases in oil, gas and fuel prices, according to a securities filing posted after the bell Wednesday.
The largest oil producer in the US is projecting a range of $8.3 billion to $11.4 billion in operating profit, higher than the $7.9 billion it delivered in the second quarter but below its record-setting $19.7 billion a year earlier.
The Street consensus for when Exxon officially reports on October 27 is $9.22 billion, or $2.37 per share.
During the third quarter, Exxon's oil and gas production earnings benefitted from a roughly 30% increase in crude oil prices. The Brent global benchmark at the end of September was near $97 per barrel, up from $72 at the end of June.
Exxon expects oil and gas operating profits to be between $5.2 billion and $6.7 million, compared to $12.4 billion a year earlier.
The reason operating profits were so high in the year-ago quarter was due to skyrocketing natural gas prices following Russia’s invasion of Ukraine.
Shares of Exxon fell 0.9% in extended trading Wednesday after dropping 3.7% during the trading session.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel