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Exxon Mobile (NYSE:XOM) said Wednesday that it expects to report ~$2.7 billion in first-quarter impairment charges related to its upstream businesses, and said changes in oil prices would shave up to $400 million from upstream earnings in the quarter compared to to the fourth quarter 2023 total of $4.1 billion.
In an SEC filing, Exxon (XOM) also said changes in gas prices could have a $200-$600 million negative impact on upstream earnings in the first quarter, the company said in the filing.
The company also said a $500-$700 million increase in refining earnings would be more than offset by losses of $900,000-$1.3 billion resulting from timing effects related primarily to unregulated derivatives.
According to Reuters calculations, the snapshot shows about $6.65 billion in operating profit for the quarter, compared to $7.63 billion in the fourth quarter of 2023 and $11.6 billion in the first quarter of 2023. last year.
Exxon (XOM) expects to announce full first-quarter results on April 26.