Exxon Warns Q1 Profits Will Suffer Due to Lower Oil Prices ...Middle East

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Exxon Warns Q1 Profits Will Suffer Due to Lower Oil Prices
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Exxon has warned that its first-quarter income figures will be affected by lower oil prices, Reuters has reported, citing a securities filing. Besides lower oil benchmarks, the company also pointed to weaker gas prices and a sizeable loss from its fuel derivatives business, the report noted. Per the filing, Exxon will report an operating result of $6.65 billion for the first three months of 2024, down from a record $11.6 billion a year earlier and also down from the fourth-quarter 2023 result, which stood at $7.63 billion. In the first quarter…

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