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TAKEAWAYS KEY
- ExxonMobil expects to make up to The aforementioned Falling oil prices have caused the loss of $900 million in its fourth-quarter upstream revenue compared to the three previous months.
- The fourth quarter of the year 2024 will see a drop in its earnings upstream by 500 million dollars to 900 million, compared to third quarter.
- This forecasted loss of earnings comes during a period when oil prices are low and the supply is high.
ExxonMobil, or XOM as it is commonly known, expects to make a profit of up to A fall in oil prices led to a $900m hit on its fourth-quarter upstream earnings.
The oil giant has filed a report with the Securities and Exchange Commission that lower liquids prices will reduce its upstream profits by $500 to $900 millions in 2024’s fourth quarter compared to the third quarter.
This forecasted loss of earnings follows last month’s announcement by the oil company that it would be doubling its efforts to pump more oil and natural gas. It said that the long-term strategy focuses on maximizing its $60 billion acquisition of Pioneer Natural Resources in 2013.
Oil glut is a factor in Q4’s forecast
ExxonMobil is making its forecast at a moment when oil demand is weak and the supply is high. Last month, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced they will keep voluntary production cuts of 2.2 million barrels per day (B/D) in place until the end of March.
ExxonMobil stock is down about 0.5% on premarket trade Wednesday. It has fallen by around 4% during the last one month.
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