Exxon Mobil signals better first-quarter earnings as oil prices climb

FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo

(Reuters) – Exxon Mobil Corp expects rising first-quarter results across its three major businesses, with an at least $2 billion improvement from prices for oil and gas driving profits, the company signaled in a securities filing on Wednesday.

The filing, detailing factors that affected the business, showed higher oil prices sequentially lift its oil and gas operating results by between $1.6 billion and $2 billion over the fourth quarter. Natural gas pricing added another up to $700 million to operating profit, it indicated.

The filing also signaled a gain of as much as $1 billion in refining from better margins and unsettled derivatives. Exxon’s chemicals business is seen recording an up to $600 million boost over fourth quarter results in its chemicals business from better margins.

Reporting by Jennifer Hiller and Shariq Khan; Editing by Anil D’Silva

source: reuters.com