Exxon's operating results could drop to about US$9.6bil (RM42.2bil), compared to US$12.8bil (RM56.3bil) net profit from the fourth quarter. — Bloomberg
NEW YORK: Exxon Mobil Corp on Tuesday signalled in a securities filing that first-quarter operating profits dropped about 25% from last year’s record levels as oil and gas prices eased.
Operating results could drop to about US$9.6bil (RM42.2bil), compared to US$12.8bil (RM56.3bil) net profit from the fourth quarter, according to a snapshot of factors affecting first-quarter earnings.
The drop was driven by the exploration business, with operating results from pumping oil and gas would be about US$5.2bil (RM22.9bil), down from the US$8.2bil (RM36.1bil) in the final quarter.
Global oil prices fell about 7% to an average of US$82 (RM360.5) per barrel, while US gas prices fell by more than half in the most recent period, both compared to the final quarter of 2022. Global oil prices settled on Tuesday near US$85 (RM373) a barrel. — Reuters
