Thread regarding ExxonMobil Corp. layoffs

Exxon signals big Q2 with potential $5.5B surge in refining profit

Jul. 01, 2022 5:55 PM ET
Exxon Mobil Corporation (XOM)
By: Carl Surran, SA News Editor

https://seekingalpha.com/news/exxon-signals-big-q2-with-potential-55b-surge-in-refining-profit

Exxon Mobil (NYSE:XOM) expects Q2 refining profits jumped by as much as $5.5B, while earnings from its oil and gas production climbed as much as $3.3B, pointing to very strong results when the company releases its quarterly earnings report in four weeks.

In an SEC filing released on Friday, the company said rising refining margins likely added $4.4B-$4.6B during the quarter while the value of unsettled derivatives may have provided an additional $700M-$900M.

Exxon (XOM) also anticipates the loss of Russian production impacting Q2 results by $100M-$200M, according to the filing.

"The high-frequency demand data we see shows little sign that consumers are unwilling to pay, [leaving] high product prices/refining margins set to stay for some time," at least through next year's H1, Citi analyst Alastair Syme said on Friday, according to Bloomberg.

With the largest refining footprint of all the Big Oil companies at a time of rising margins and increasing demand for gasoline and diesel, those benefits likely flowed to Exxon's (XOM) bottom line in Q2.

Exxon (XOM) shares have sold off 10% over the past month, but the company's "prospects for profits appear better than ever," David Alton Clark writes in a bullish analysis newly published on Seeking Alpha.

by Anonymous
| 1739 views | | 9 replies (last ) | Reply
Post ID: @OP+1hv3Lamj
Comment! It's anonymous!

9 replies (most recent on top)

Great news! I'm sure they will pay us back for the 401k match they owe us.

by Anonymous
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Post ID: @4lzk+1hv3Lamj

16 billion... Bet I'll be nsi however 😁

by Anonymous
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Post ID: @2znd+1hv3Lamj
  1. Give 3% bonus monthly to every employee
  1. Put 20+ billion dollars in savings to cushion the upcoming recession. Maybe even put the 20+ into gold due to inflation.
  1. DO NOT throw away the money in stock buybacks. Increase steps 1 and 2 if more profit realized.
by Anonymous
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Post ID: @2scz+1hv3Lamj

I'd appreciate very much if Darren would share some of this profit with us. With a 9% inflation rate, another 3% bonus would be very much appreciated.

by Anonymous
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Post ID: @2sdp+1hv3Lamj

Only the incompetent CEO and and his bootlickers will enjoy this windfall. The worker bees won't see a thing change for them.

by Anonymous
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Post ID: @2oyw+1hv3Lamj

Ok good for shareholders but do you really think we will see a cent…?

by Anonymous
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Post ID: @2tkh+1hv3Lamj

Who would have thought all that colluding and gouging and pipping would have paid off? EM must have the best external consultants on the planet.

by Anonymous
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Post ID: @2iur+1hv3Lamj

All of this is incredibly good news for the company.

This post needs to be removed immediately and replaced with a rant about the evaluation process! This is a layoff board for the insecure, weak, and stupid… not a brag board for the company!

by Big baller DW
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Post ID: @1pgz+1hv3Lamj

Exxon signals operating profits could double over the first quarter
By Sabrina Valle

July 1, 2022
7:55 PM CDT
Last Updated 6 hours ago

https://www.reuters.com/business/energy/exxon-signals-big-profits-second-quarter-oil-gas-output-2022-07-01/

HOUSTON, July 1 (Reuters) - Exxon Mobil Corp (XOM.N) on Friday signaled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing.

Energy prices have shot up this year with oil selling for more than $105 per barrel and gasoline at about $5 per gallon in the United States. The enormous earnings are likely to ignite new calls for windfall profit taxes.

The largest U.S. oil producer projected a sequential increase of about $7.4 billion in operating profits compared with the first quarter. In the first quarter, Exxon posted an $8.8 billion profit, excluding a Russia writedown.

The filing indicates a potential profit of more than $16 billion for the second quarter. The company's peak quarterly profit was $15.9 billion in 2012.

The filing showed Exxon expects higher oil and gas prices will add about $2.9 billion to results. Margins from selling gasoline and diesel will add another $4.5 billion to operating profits.

"High energy prices are largely a result of underinvestment by many in the energy industry over the last several years and especially during the pandemic," Exxon said in a statement on the profit gains.

Analysts tracked by IBES Refinitiv forecast a per share profit of $2.99, up from $1.10 in the same quarter a year ago. Official results for the period will be released on July 29, according to a summary of factors influencing the period disclosed late Friday.

Exxon's profits led U.S. President Joe Biden last month to say the company and other oil majors were capitalizing on a global oil supply shortage to fatten profits. Exxon, he said, was making "more money than God" after posting its biggest quarterly profit in seven years

by Anonymous
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Post ID: @1fhd+1hv3Lamj

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