Exxon Mobil warns lower oil, gas prices could cut profit by over $1B

Core Insights - Exxon Mobil indicated that lower oil and gas prices could reduce its second-quarter earnings by approximately $1.5 billion compared to the previous quarter [1] - The earnings report from Exxon Mobil is significant for understanding the overall performance of the oil sector as companies prepare to release their quarterly results [1] Oil Prices - Benchmark Brent crude prices averaged $66.71 per barrel during the April to June quarter, reflecting an 11% decline from the previous quarter due to increased crude supply from OPEC+ [2][4] - US natural gas prices also saw a decrease, falling by 9% from the first quarter [2] Earnings Expectations - Exxon Mobil is scheduled to release its second-quarter earnings on August 1, with Wall Street anticipating adjusted earnings of $1.53 per share [4] - In the first quarter, the company reported upstream earnings of $6.8 billion, contributing to a total profit of $7.71 billion [5]