Exxon forecasts upstream profit bump of up to $2.9-billion in first quarter from Middle East war

Up to $2.9 billion: Exxon Mobil said higher oil and gas prices tied to the U.S.-Israeli war on Iran could lift its Q1 upstream earnings by as much as $2.9B, offsetting disruptions to some Middle East production. The announcement is a positive near-term earnings catalyst for Exxon and the broader energy sector as commodity-price gains boost upstream profitability.

Analysis

Up to $2.9 billion: Exxon Mobil said higher oil and gas prices tied to the U.S.-Israeli war on Iran could lift its Q1 upstream earnings by as much as $2.9B, offsetting disruptions to some Middle East production. The announcement is a positive near-term earnings catalyst for Exxon and the broader energy sector as commodity-price gains boost upstream profitability.