IRVING (dpa-AFX) - Friday, ExxonMobil Holdings Corp. (XOM) announced a preliminary statement that higher refining margins boosted its third-quarter earnings by an estimated $4.5 billion.
However, lower oil prices reduced earnings by $1.3 billion, while timing effects resulted in an estimated $2.5 billion impact.
The company explained that timing effects occur when open derivatives are valued using prices at the end of a reporting period, while the related physical shipments remain in inventory. These shipments are reflected in earnings only after the transactions are completed. ExxonMobil expects these effects to reverse in the coming quarters.
The filing also highlighted the impact of the Middle East situation, including losses on settled hedges that were not offset by physical shipments due to supply disruptions in the region.
XOM was trading at $177.55, up 1.60 percent on the NYSE.
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