Exxon Mobil expects upstream profit boost from oil prices
Exxon projects a $2.9 billion upstream boost from higher oil prices while production fell 6%. Accounting timing effects will temporarily hit downstream results.
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EXXON MOBIL CORP announced on Wednesday that higher oil and gas prices resulting from the conflict involving the United States, Israel, and Iran could increase its first-quarter upstream earnings by as much as $2.9 billion. This anticipated boost is expected to offset production disruptions in the Middle East. However, the company also projected a downstream earnings hit of approximately $5.3 billion, largely attributed to timing effects and accounting rules, with a recovery expected in subsequent quarters as shipments are finalized.
