© Reuters. Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration
NG
+0.32%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
COP
+0.27%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
XOM
+4.04%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
BAC
-1.42%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
CVX
+0.57%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
By Sabrina Valle
HOUSTON (Reuters) – Wall Street analysts on Wednesday sharply increased their view of Exxon Mobil Corp (NYSE:XOM)’s third quarter earnings after the company disclosed a $2 billion profit gain from selling natural gas.
The disclosure signaled the largest U.S. oil maker quarterly profit due out later this month will land close to the second quarter’s record $17.9 billion profit, analysts said. The earnings revisions follow a securities filing that offered a snapshot of operating profits.
Exxon could earn about $4 per share, compared to the second quarter’s $4.21 per share profit, analysts wrote. The consensus was $3.44 per share, according to IBES Refinitiv.
Exxon shares jumped 4% to $99.09 on Wednesday. The previous session they closed up 3.6%.
“Upstream was much stronger than expected, particularly on gas, while refining was worse than we had modeled,” said RBC director of European research Biraj Borkhataria.
Exxon’s profits from producing oil and gas last quarter “will surpass record 2Q22 earnings with an implied mid-point of $11.8 billion,” wrote analysts at Bank of America (NYSE:BAC) Securities. The results set up Exxon for its first “meaningful” dividend increase in three years, they added.
Gas prices have soared during the war in Ukraine as Europe scrambles to substitute Russian pipeline gas supplies that used to make up almost 40% of the continent’s imports.
The Dutch TTF gas benchmark was trading about $47 per million British thermal units (mmBtu) this week and U.S. gas futures traded Wednesday about $6.90 per mmBtu.
On Tuesday, Exxon said the approximately $2 billion increase in natural gas profits more than offset a quarterly decline of about $1.6 billion in oil profits.
Exxon and rivals this year have posted sky-high earnings on rising energy prices and demand aided by cost-cutting. Its results bode well for companies with sizeable gas businesses, including Chevron Corp (NYSE:CVX), TotalEnergies and ConocoPhillips (NYSE:COP).
Source: Investing.com
