Exxon Mobil announced on Monday that it anticipates a drop of approximately $1.5 billion in its second-quarter earnings due to declining oil and gas prices compared to the previous quarter. This earnings forecast from the largest oil producer in the United States is keenly observed as a barometer for the overall oil industry, especially with numerous companies set to disclose their quarterly results soon.
During the second quarter, the average price for benchmark Brent crude was $66.71 per barrel, reflecting an 11% decrease from the previous quarter, driven down by increased crude supplies from OPEC+ producers. Likewise, U.S. natural gas prices also saw a 9% decline relative to the first quarter.
Exxon Mobil is scheduled to publish its second-quarter earnings report on August 1. According to estimates from LSEG, analysts on Wall Street predict that the company will report adjusted earnings of $1.53 per share for this period. In the first quarter, Exxon had reported $6.8 billion in upstream earnings, contributing to a total profit of $7.71 billion for that quarter.
