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Oil prices are up 52% this year and natural gas prices in the United States have more than doubled as demand has recovered as economies reopen from the COVID-19 pandemic.
The U.S. oil producer, which reports third-quarter results on Oct. 29, said a change in downstream refining margins could add from $500 million to $700 million in the quarter.
Chemical margins, on the other hand, could cut operating profit by between $200 million and $400 million, the company said in a securities filing.
Exxon (NYSE:XOM) has been cutting costs and laying off personnel following a historic loss last year. The recent rebound in oil and gas prices has helped the company’s bottom line this year.
