Exxon Sees Up to $2.7 Billion Profit Gain on Prices, Margins

(Bloomberg) -- Exxon Mobil Corp. said it may report a $2.7 billion sequential gain in quarterly profit as a result of higher oil and natural gas prices, as well as stronger results in refining and trading.

The biggest single contributor was fuel manufacturing, which say as much as a $700 million increase in margins from the final three months of 2024, Exxon said in a regulatory filing on Thursday.

US oil-refining margins surged 20% during the first quarter to an average of more than $20 a barrel compared with the fourth quarter of 2024, according to Bloomberg calculations.

The disclosure indicates Exxon will report first-quarter earnings of $1.81 on a per-share basis, BMO Capital Markets analyst Phillip Jungwirth wrote in a note to clients. That would be a dime higher than the Bloomberg Consensus.

Exxon was up 0.4% in after-hours trading in New York. The company typically reports first-quarter results in late April or early May.

(Updates with analyst’s comment in fourth paragraph.)

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