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Exxon Mobil (NYSE:XOM) disclosed Wednesday it expects to report ~$2.7B in Q1 impairments related to its upstream business, and said changes in oil prices would knock as much as $400M from upstream earnings in the quarter compared with Q4 2023’s $4.1B total.
In an SEC filing, Exxon (XOM) also said changes in gas prices could have a negative impact of $200M-$600M on upstream earnings in Q1, the company said in the filing.
The company also said a $500M-$700M increase in refining earnings would be more than offset by $900K-$1.3B in losses from timing effects primarily related to unsettled derivatives.
According to Reuters calculations, the snapshot shows ~$6.65B in operating profit for the quarter, compared to $7.63B in Q4 2023 and $11.6B in the year-earlier Q1.
Exxon (XOM) expects to announce full Q1 results on April 26.