Exxon Mobil stock rallied as much as 5% on Wednesday. The oil company expects its earnings to remain strong in the third quarter. The oil giant unveiled its preliminary third-quarter results , which helped increase shares. In addition, OPEC agreed to a deeper-than-expected production cut, pushing up crude prices.
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Exxon Mobil Corp ( NYSE:XOM ) provided investors with an initial look at its upcoming third-quarter report. The oil giant said it could earn $11 billion in the period before any asset impairments. While that’s down from $17.9 billion in the second quarter , it’s well above the $6.8 billion Exxon earned in the year-ago period.
Oil prices cooled off in the period, falling from an average of $109 a barrel in the third quarter to $98 in the second. That and other issues will cut Exxon’s earnings from liquids and refining. However, the company partially offset that with a boost from higher natural gas prices.
Meanwhile, oil prices rebounded to their highest level in three weeks today. Brent, the global oil benchmark price, rallied 1.7% to close at $93.37 per barrel after OPEC agreed to slash its output by 2 million daily barrels. In addition, oil inventory levels declined for a second straight week, according to a government report. These catalysts could push crude prices higher in the future, potentially enabling Exxon to keep producing solid profits.
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