ExxonMobil's net profit in Q2 2024 was impacted by several key factors:
- Lower Oil and Gas Prices: The most significant impact came from weaker oil and gas prices, which directly affected the company's earnings. Lower natural gas prices, in particular, contributed to a 14% drop in earnings from oil and gas production, while refining earnings plummeted by 67% due to weaker fuel margins1.
- Oil Refining Margins and Natural Gas Prices: The decline in refining margins and natural gas prices had a substantial negative effect on the company's earnings. These price fluctuations resulted in a decrease in earnings per common share, dropping from $2.83 in the previous year to $2.061.
- Timing Effects from Derivative Mark-to-Market Impacts: The company also experienced timing effects from unsettled derivative mark-to-market impacts, which further contributed to the decline in earnings1.
- Divestments: The divestment of certain assets and operations likely had an impact on the company's earnings, although the specific figures are not provided1.
In summary, ExxonMobil's net profit in Q2 2024 was significantly impacted by lower oil and gas prices, refining margins, and natural gas prices, along with timing effects from derivative impacts and divestments.
3/29/2025 12:30am
