ExxonMobil Reports $4.5 Billion Refining Gain in Q3
ExxonMobil announced that higher refining margins added $4.5 billion to third-quarter earnings, though gains were offset by lower oil prices and derivative timing effects.
ExxonMobil Inc. announced in a preliminary statement that higher refining margins contributed an estimated $4.5 billion to its third-quarter earnings. This growth occurred as U.S. refiners experienced a period of high profitability, highlighted by the Gulf Coast 3-2-1 crack spread reaching an all-time high in September.
These gains were partially offset by a $1.3 billion reduction resulting from lower oil prices and a $2.5 billion loss attributed to timing effects on open derivatives. The company noted that supply disruptions in the Middle East caused losses on settled hedges that physical shipments did not offset.
ExxonMobil expects the derivative timing effects to unwind in future quarters. The company is scheduled to release its full third-quarter financial results on October 30.
