ExxonMobil Says Lower Oil Prices Will Hit Q4 Earnings | Global News Avenue

Exxon Mobil (XOM) indicates that it is expected to require the most Due to falling oil prices, fourth-quarter upstream business earnings fell by $900 million from the previous three months.

Lower liquids prices will reduce its upstream revenue by $500 million to $900 million in the fourth quarter of 2024 compared to the same period last year. third quarterThe oil major said in a filing with U.S. Petroleum Corp. Securities and Exchange Commission (SEC).

Expected earnings take hit after oil companies announce last month It is redoubling its efforts to extract more oil and gas. Long-term plan focuses on leveraging its nearly $60 billion in funding Buy Pioneer Natural Resources last year, it said.

Fourth-quarter forecast comes from oil glut

ExxonMobil’s forecast also comes amid strong demand Oil is soft And there is an oversupply of goods. last month, OPEC and its allies (OPEC+) announced that they would continue Voluntary production cuts 2.2 million Number of barrels per day (B/D) It lasts until the end of March.

Exxon Mobil shares fell about 0.5% in premarket trading Wednesday and have fallen about 4% in the past month.