The Clap
Exxon Mobil (NYSE: XOM) expects profits close to Q2’s all-time high of $17.9 billion during Q3.
The Deets
Increasing energy and gas prices have helped companies in the oil and gas sector record sky-high earnings, following strong demand due to the Russia-Ukraine war.
Earnings are expected to top estimates, with the pumping of oil and gas expected to bring in $13 billion in operating profits, around $3 billion more than analysts forecast.
Why this Matters
Continued inflationary pressures, in addition to the ongoing Russia-Ukraine war that leads to shortages in energy supplies, may continue to drive energy prices up or at least maintain them at the current levels, helping the industry record high earnings.
What Now
Operating profit is expected at $17.8 billion for Q3, well above Refinitv’s forecast of $14.68 billion.
