Exxon Mobil (XOM) expects lower crude oil prices could reduce its Q4 2025 upstream earnings by as much as $1.2B compared with Q3, the company said post-market Wednesday in an SEC filing.
Brent crude futures fell 19% in 2025 for a third straight year of losses, and U.S. WTI crude dropped nearly 20% Y/Y.
Exxon (XOM) said the changes in liquids prices could lower its upstream earnings by $800M-$1.2B, while changes in natural gas prices could have an impact on earnings in the range of negative $300M to positive $100M for the quarter.
The company said it expects changes in industry margins added $300M-$700M to energy products earnings and as much as $200M to earnings for specialty products compared with the prior quarter, but industry margins are seen hurting earnings for chemical products by $200M-$400M.
The company also said asset sales added $600M-$800M to Q4 earnings on a sequential basis, and restructuring charges could negatively affect overall earnings by as much as $200M.
Exxon (XOM) plans to release its final quarterly results on January 30, when analysts expect it to report adjusted earnings of ~$1.66/share, according to data compiled by LSEG.