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eBlue_economy_ExxonMobil reaps windfall of up to $1.9billion from oil and gas rally
Signage at an Exxon Mobil gas station in El Cerrito, California, U.S., on Tuesday, July 27, 2021. Exxon Mobil Corp. is expected to release earnings figures on July 30. Photographer: David Paul Morris/Bloomberg

ExxonMobil reaps windfall of up to $1.9billion from oil and gas rally

ExxonMobil said higher crude oil and natural gas prices boosted quarterly results by as much as $1.9 billion

Gas prices added $700 million to $1.1 billion to earnings in the quarter that ends this week, Exxon said in a filing Oil, meanwhile, added another $400 million to $800 million, compared with third-quarter results.

Gains on unsettled derivatives contracts contributed another $300 million to $700 million to result in the company’s so-called upstream business, according to the filing. Exxon shares have risen 47% this year and are on track for the best annual performance since at least 1981.

Who is ExxonMobil Corporation? A Useful Guide

ExxonMobil, one of the world’s largest publicly traded energy providers and chemical manufacturers, develops and applies next-generation technologies to help safely and responsibly meet the world’s growing needs for energy and high-quality chemical products.

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