Key points:
- Natural gas price decline could decrease profits by $200-$600 million
- Lower liquids prices may keep profit flat or reduce by $400 million
- Company’s revenue for 2024 estimated at $341 billion
Exxon Mobil Corporation anticipates a reduction in its first-quarter operating results for 2024 due to lower oil and gas prices. The decline in natural gas prices is expected to decrease profits by approximately $200 million to $600 million from the fourth quarter. Additionally, lower liquids prices could either keep profit flat or reduce it by $400 million.
Despite these challenges, the company’s implied upstream earnings reached approximately $6.0 billion at the mid-point. The implied downstream earnings also surpassed at the mid-point, amounting to roughly $2.5 billion. Furthermore, the implied earnings from Chemicals were above at the mid-point, at approximately $700 million.
The company’s revenue for 2024 is estimated to be $341 billion, with projections for 2025 and 2026 at $348 billion and $355 billion respectively.
Read More: Exxon Mobil Predicts Q1 2024 Profit Drop — TradingView News