Lower natural gas prices and refining margins may pull ExxonMobil’s second quarter profits down from the first three months of the year by nearly $4 billion.

In a Form 8-K filing with the U.S. Securities and Exchange Commission, the supermajor previewed the factors impacting 2Q2023 results. ExxonMobil is facing the same dilemma as its peers as commodities prices ease after achieving record global profits.

In the first three months of 2023, ExxonMobil delivered the highest first quarter earnings in its history, even as prices moderated from the fourth quarter. 

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Natural gas prices...