Exxon’s Refining Profits Drop in Hit to Second-Quarter Earnings
- Oil giant’s refining earnings fall by as much as $1.5 billion
- Exxon is first supermajor to release 2Q earnings guidance
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Exxon Mobil Corp. expects refining profits to drop due to lower margins across the industry, reducing earnings estimates for the second quarter.
The company’s earnings from refining will decline between $1.1 billion and $1.5 billion in the second quarter compared with the previous three months, the Spring, Texas-based company said in a statement Monday. The division made a profit of $1.4 billion in the first quarter.