Exxon Mobil Says Higher Prices To Benefit Q3 Profit

(RTTNews) - Exxon Mobil Corp. (XOM) expects higher oil and gas prices to have an impact on its third-quarter results, according to a filing with the U.S. Securities and Exchange Commission.

The growth in prices is estimated to result in third-quarter operating profit in a range of $8.3 billion to $11.4 billion, the reports said. The expected result would be below last year's $19.7 billion, but higher than sequential second quarter's $7.9 billion.

The company also projects increased refining margins in the third quarter, while the expected growth would be partially offset by declining chemical margins.

As per reports, oil and gas operating profits are expected between $5.2 billion and $6.7 billion, compared to last year's $12.4 billion.

The company is scheduled to release its full results on October 27.

Exxon shares Wednesday's regular trading at $111.50, down 3.74 percent. In the after-hours trading, it slipped 0.8 percent further.