business / news / / The Economic Times
ExxonMobil is bracing for a dip in first-quarter earnings, primarily due to a substantial financial hedging loss.
ExxonMobil expects a multi-billion dollar hedging loss to outweigh gains from higher oil prices.
KEY POINTS
- Downstream earnings could be negatively impacted by around $5.3 billion due to timing effects.
- Exxon will record an impairment of $600 million to $800 million from undelivered cargoes linked to hedges.
- First-quarter oil and gas production will be 6% lower due to war-related disruptions.
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