ExxonMobil Q4 Net Profit Expected to Recover to Pre-COVID-19 Levels

[Photo by Reuters-Yonhap News]

[Asia Economy Reporter Park Byung-hee] Major foreign media reported on the 3rd (local time) that ExxonMobil, the largest oil refining company in the United States, is expected to recover its fourth-quarter net profit last year to pre-COVID-19 pandemic levels.

On the 30th of last month, ExxonMobil announced that due to rising oil and gas prices, its fourth-quarter operating profit in the gas sector is expected to increase by $700 million to $1.1 billion compared to the third quarter, and operating profit in the oil sector is expected to increase by $400 million to $800 million.

ExxonMobil also stated that the value of oil, gas, and refined product inventories could increase by up to $1.1 billion. Revenue from the sale of North Sea assets could also reach up to $500 million.

Subsequently, Credit Suisse, Scotiabank, and JP Morgan Chase raised their fourth-quarter net profit forecasts for ExxonMobil. The combined fourth-quarter net profit forecast (excluding one-time items) from the three banks is a total of $8.2 billion, or $1.93 per share.

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