Exxon expects higher gas, oil prices to boost quarterly earnings by

HOUSTON (Reuters) -Exxon Mobil Corp signaled on Thursday that higher oil and gas prices would boost third-quarter earnings by as much as $1.5 billion over the second quarter.

Oil prices are up 52% this year and prices in the United States have more than doubled as demand has recovered as economies reopen from the COVID-19 pandemic.

The U.S. oil producer, which reports third-quarter results on Oct. 29, said a change in downstream refining margins could add from $500 million to $700 million in the quarter.

Chemical margins, on the other hand, could cut operating profit by between $200 million and $400 million, the company said in a securities filing.

Exxon (NYSE:) has been cutting costs and laying off personnel following a historic loss last year. The recent rebound in oil and gas prices has helped the company’s bottom line this year.

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