Quarterly / Earnings Reports | Third Quarter (3Q) Update | Financial Results | Capital Markets
Exxon to See Big Earnings Hit for Q3 as Oil Prices Gouge Earnings
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ExxonMobil has warned its shareholders that it will likely see a rather significant financial hit for Q3, according to a document filed with the SEC.
The company cited low commodity prices as the primary cause of the expected decline.
The company expects a ~50% YOY decline in profits for Q3, estimating approximately $3.1 billion in Q3 profits. The company posted $3.3 billion in profits for Q2 2019.
It's oil and gas sector is estimated to see a 45% drop in earnings while its downstream operations are projected to decline by 70%.
The company plans to release its Q3 results on October 31, 2019.
Next week we will take a look at what this could mean for other E&Ps like Continental, EOG, etc. It is likely that many will see a similar trend in financial results for the quarter.
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