ExxonMobil reaps windfall of up to $1.9billion from oil and gas rally

ExxonMobil said higher crude oil and natural gas prices boosted quarterly results by as much as $1.9 billion.

Gas prices added $700 million to $1.1 billion to earnings in the quarter that ends this week, Exxon said in a filing on Thursday. Oil, meanwhile, added another $400 million to $800 million, compared with third-quarter results.

Gains on unsettled derivative contracts contributed another $300 million to $700 million to results in the company’s so-called upstream business, according to the filing. Exxon shares have risen 47% this year and are on track for the best annual performance since at least 1981.

Source: https://www.energyvoice.com/oilandgas/376887/exxonmobil-windfall-oil-gas/