Exxon Mobil Expects $1.5 Billion Boost to Earnings from Higher Oil, Gas Prices

Natural gas prices should give Exxon Mobil the largest increase in operating profit in the quarter, the U.S.-based oil major signaled in a corporate filing.

Sabrina Valle, Reuters

Exxon Mobil Corp. signaled on Sept. 30 that higher oil and gas prices would boost third-quarter earnings by as much as $1.5 billion over the second quarter.

Natural gas prices in the U.S. have more than doubled this year and oil prices are up 52% as energy demand recovers from the COVID-19 pandemic.

Exxon Mobil also has been cutting costs and laying off personnel following a historic loss in 2020. Lower costs coupled with the recent rebound in oil and gas have driven profit sharply higher.

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