Exxon has warned that its third-quarter earnings would likely be affected by lower oil prices, with the impact in the range of $600 million to $1 billion. In an SEC filing, the supermajor also estimated the effect of lower refining margins on its third-quarter earnings at up to $1 billion. International crude oil prices were on average 17% lower during the third quarter of the year than the second, Reuters noted in a report on the Exxon update.
The decline followed softening demand for oil from China and elsewhere. However, demand for oil in Exxon’s…Exxon Warns of Oil Price Impact on Q3 Earnings
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