Higher natural gas prices are predicted to boost ExxonMobil’s third quarter upstream profits by around $700 million, more than forecast for oil, the energy major said.

drilling rig

In its 3Q2021 earnings guidance, detailed in a Securities and Exchange Commission Form 8-K filing, ExxonMobil said gas would provide a bigger boost to earnings than oil, compared to second quarter results. 

Oil prices, also strong between July and September, are predicted to increase quarterly profits by about $400 million versus 2Q2021. Wider refining margins, along with less maintenance downtime, should add $600 million. 

The Chemicals arm, which in 2Q2021 had the best quarter in history,  is forecast to see a $300 million decline in sequential earnings. 

ExxonMobil is scheduled to report its quarterly...