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Exxon Mobil Corporation (NYSE: NYSE:) is set to announce its Q3 2023 results on Friday, October 27, in the midst of fluctuating market signals. The company’s substantial upstream business operations in oil and gas exploration and development are expected to significantly influence the results, as stated in its recent SEC filing.
However, despite a robust performance in this sector, ExxonMobil reported a year-on-year decline in Q2 earnings from both U.S. ($0.92 billion) and non-U.S. ($3.7 billion) operations. This downward trend has raised concerns about the upcoming Q3 report.
In contrast, data from the U.S Energy Information Administration indicates an upward oil price trend for West Texas Intermediate crude in Q3. Average prices increased over the quarter, with $76.07 per barrel in July, $81.39 in August, and reaching $89.43 per barrel in September. This favorable oil pricing scenario is anticipated to have a positive impact on ExxonMobil’s Q3 earnings.
Despite these positive factors, the Zacks Consensus Estimate predicts a significant decline in Q3 earnings to $2.39 per share and sales to $88 billion. This forecast comes amidst the backdrop of mixed market signals and ExxonMobil’s declining earnings from previous quarters, adding a layer of uncertainty to the company’s financial outlook for the remainder of 2023.
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