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Exxon Sees Up to $800 Million Earnings Hit From Texas Freeze

  • Oil major likely returned to profit after four straight losses
  • Arctic blast forced Exxon to shut several major operations
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Exxon Mobil Corp. expects first-quarter earnings to be reduced by as much as $800 million due to the deep freeze that plunged Texas into darkness last month.

Even so, the oil giant probably returned to profit after four straight losses. Rebounding oil and natural gas prices increased earnings by as much as $2.7 billion while improved refining and chemical margins added up to $1.1 billion, the Irving, Texas-based company said Wednesday in a filing.