Exxon faces $1.6 billion earnings drop from oil and refining margins
(Bloomberg) — ExxonMobil Corp. said lower oil prices and refining margins reduced third-quarter earnings by $1.6 billion compared with the previous period.
The oil giant revealed quarterly earnings guidance in a regulatory filing Thursday.
The impacts of lower oil prices and shrinking refining margins will be partly mitigated by gains of about $900 million from timing effects and a reduction in scheduled maintenance at refineries. Natural gas prices and chemical margins will cause little change to earnings, the company said.
