Exxon signals up to $20 billion writedown to overwhelm fourth quarter price gains in oil, chemicals
HOUSTON (Reuters) - Exxon Mobil Corp signaled in a regulatory filing on Wednesday that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset write down.
Exxon’s regulatory filing showed it expects higher oil and gas prices to sequentially lift its production unit’s operating profit by $200 million to $1 billion compared to its third quarter. The noncash write down of mostly natural gas properties was previously estimated to be between $17 billion and $20 billion.
Reporting by Gary McWilliams; editing by Grant McCool
Our Standards: The Thomson Reuters Trust Principles.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.