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Exxon Forecasts Boosted On Soaring Refining Margins
On Tuesday analysts on Wall Street increased their Exxon Mobil Corp Q2 profit forecasts sharply, after the
05 July, 2022

On Tuesday analysts on Wall Street increased their Exxon Mobil Corp Q2 profit forecasts sharply, after the biggest U.S. oil producer said that it earned $5B more from selling motor fuels than it did in Q1.

Gas and oil prices surged in the first half, and crude sold for more than $105 a barrel while U.S. pump prices for gasoline surged to around $5 a gallon.

The producer indicated on Friday that natural gas, crude, and fuel sales may generate a record profit for the quarter of over $16B. The company posted an adjusted profit for Q1 of $8.8B, excluding a Russian write-down.

According to analysts, this increased the quarterly profit outlook to around $4.02 1 share from $2.99 per share before. Full-year profits may be at $11.59 per share.

Analysts said Exxon’s disclosure of earnings indicates high Q2 profits for refiners and coming from other oil majors. U.S. lawmakers repeated calls for taxes on windfall profit.

On Tuesday Exxon shares dropped around 4.2% to $84.84 in early trading as oil prices dropped by $6 per barrel on concerns a possible global recession may hurt demand. WTI traded down more than $5 per barrel and Brent down more than $6 per barrel.

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