16:42 - 6.07.2023

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July 6, Fineko/abc.az. The largest U.S. oil & gas company ExxonMobil has warned that lower natural gas prices will negatively affect its profits in the oil exploration and production segment in the 2nd quarter of 2023.

ABC.AZ reports that the company expects negative effect of $1.8-2.2 bn.

Quarterly reports will be published in late July or early August, the exact date is not yet known.

Analysts surveyed by FactSet, on average, predict that ExxonMobil's adjusted quarterly profit in April-June will be $2.28 per share on revenue of $91.1 bn. In the 2nd quarter of 2022, the company generated adjusted earnings of $4.14 per share and revenue of $115.7 bn.

ExxonMobil shares are down 1.3% in preliminary trading on Thursday. Since the beginning of the year, company's market value has dropped by 3.1% to $434.5 bn.