Exxon warns that lower gas and oil prices could affect second-quarter profits

Exxon Mobil said on Monday that lower prices for oil and gas could reduce its second-quarter profits by $1.5 billion compared to the previous quarter.

The earnings snapshot of the biggest U.S. producer of oil is closely monitored for clues as to how the oil sector in general will do when companies release their quarterly results within a few short weeks.

Benchmark Brent crude averaged $66.71 a barrel in the April-June quarter, a 11% decrease from the previous quarter. This was due to the increased crude production from OPEC+ producers. Natural gas prices in the United States fell 9% compared to the first quarter.

Exxon announced in a regulatory filing that the company will release its final quarterly results on August 1.

According to estimates compiled LSEG, Wall Street expects Exxon's adjusted earnings to be $1.53 per share in the second quarter.

In the first quarter, the company reported earnings of $6.8 billion. The company's total profit for that quarter was $7.71 Billion. Reporting by Arunima in Bengaluru, Sheila in Houston and Pooja Desai. Editing by David Gregorio and Pooja desai.

(source: Reuters)