Exxon Sees Up to $2.7 Billion Profit Gain on Prices, Margins

image is BloomburgMedia_SU5U26T0G1KW00_07-04-2025_11-00-13_638795808000000000.jpg

The Esso refinery, operated by Exxon Mobil Corp., in the industrial port area in Fos-sur-Mer, France, on Wednesday, March 29, 2023. A fleet of tankers carrying millions of barrels of oil is backed up off the coast of France as strikes over pension reform rumble on. Photographer: Jeremy Suyker/Bloomberg

Exxon Mobil Corp. said it may report a $2.7 billion sequential gain in quarterly profit as a result of higher oil and natural gas prices, as well as stronger results in refining and trading.

The biggest single contributor was fuel manufacturing, which say as much as a $700 million increase in margins from the final three months of 2024, Exxon said in a regulatory filing on Thursday.

US oil-refining margins surged 20% during the first quarter to an average of more than $20 a barrel compared with the fourth quarter of 2024, according to Bloomberg calculations.

The disclosure indicates Exxon will report first-quarter earnings of $1.81 on a per-share basis, BMO Capital Markets analyst Phillip Jungwirth wrote in a note to clients. That would be a dime higher than the Bloomberg Consensus.

Exxon was up 0.4% in after-hours trading in New York. The company typically reports first-quarter results in late April or early May.

(Updates with analyst’s comment in fourth paragraph.)

©2025 Bloomberg L.P.

By David Wethe

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