ExxonMobil profits for the first three months of this year are expected to dip sharply year/year and be down sequentially in part because of weak natural gas and oil prices, the integrated major said. Shell plc also has revised its expectations. 

In a Securities and Exchange Commission Form 8-K filing, ExxonMobil noted that commodity prices and fuel derivatives had reversed from a year ago.

Operating profits were pegged at around $6.7 billion in 1Q2024, versus year-ago earnings of $11.6 billion. During 4Q2023, profits totaled $7.6 billion.

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Natural gas prices at U.S. benchmark Henry Hub have been depressed...