Commodities
Exxon Sees $1.5 Billion Earnings Hit From Lower Oil, Gas Prices
A vehicle is refueled at an Exxon Mobil gas station in Little Rock, Arkansas, in April.
Photographer: Al Drago/BloombergExxon Mobil Corp. expects lower oil and gas prices to reduce the company’s earnings by about $1.5 billion as a volatile quarter for commodity prices weighs on second-quarter profits.
Oil prices pulled down earnings by about $1 billion while gas contributed another $500 million hit when compared to the first quarter, the Spring, Texas-based company said in a statement Monday. European rival Shell Plc’s shares fell 3.3% Monday after guiding to “significantly lower” trading earnings than the previous quarter.