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Exxon Mobil’s third quarter oil profits to jump on strong prices

 
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By Sabrina Valle

HOUSTON (Reuters) -Exxon Mobil said on Wednesday big increases in oil and gas prices would lift third-quarter earnings by between $1.1 billion and $1.9 billion, compared with the second quarter.

Exxon (NYSE: XOM)’s snapshot of operating profits, delivered in a securities filing after the market close, is another sign the energy industry’s run of high profits has continued.

The largest U.S. oil producer posted $4.6 billion in upstream earnings for the second quarter ended June 30 and total profit in the second quarter was $7.9 billion.

Oil and gas production profits were boosted by a 30% increase in average crude oil prices during the period, according to JPMorgan. The Brent global benchmark ended the quarter near $97 per barrel, up from $72 per barrel at the end of June.

The quarter’s strong operating profits still fall shy of a year ago when Exxon reported third quarter net of $19.7 billion on high natural gas prices and record refining throughput.

Last year’s third quarter oil and gas production delivered operating income of $12.4 billion and its oil-refining business earned $5.8 billion.

Exxon shares fell nearly 4% on Wednesday to $111.50 as oil prices tumbled on a global bond selloff and rising interest rates. The company’s shares hit a record high of $120 last week.

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