By Sabrina Valle
(Reuters) -Exxon Mobil Corp on Tuesday signaled third quarter operating profits will cool from the second quarter’s all time high as oil prices, refining and chemical margins pulled back from the previous period, according to a securities filing.
The largest U.S. oil producer issued a snapshot of factors affecting third quarter results that showed operating results could drop to about $11 billion before impairments, down from the $17.9 billion profit from the second quarter.
The preview indicated natural gas was the one business to benefit from higher prices last quarter.
Exxon and rivals this year have posted sky-high earnings on rising energy prices and demand aided by cost-cutting.
In the third quarter, U.S. natural gas prices averaged $8.47 per million British thermal units, up from $7.17 mmBtu in the second quarter. Brent prices eased to $98 per barrel in the same period, from an average of $109 between April and June. Exxon’s official results are due on Oct. 28.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
