U.S. energy major Exxon Mobil signaled in a regulatory filing on Thursday that changes in oil prices would boost its first-quarter upstream earnings by up to $400 million.
Its shares rose marginally in extended trading, having closed 5.3% lower tracking sharp declines in crude prices after OPEC+ agreed to a surprise increase in output a day after U.S. President Donald Trump announced sweeping new import tariffs.
The industry giant’s earnings snapshot also suggested that changes in natural gas prices would give a further boost of $400 million to its upstream earnings.
Analysts expect Exxon Mobil to post an adjusted profit of $1.70 per share in the first quarter, according to estimates compiled by LSEG.
The industry bellwether posted $6.50 billion in upstream earnings for the fourth quarter. Its net profit was $8.22 billion for the first quarter in fiscal 2024.
The company will release final results on May 2, the filing showed.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shreya Biswas)