Exxon Sees Higher Oil Prices Raising Upstream Earnings

ExxonMobil expects its upstream earnings to be up to $700 million higher for the second quarter compared to the first quarter of the year, due to higher liquids prices, the U.S. supermajor said on Monday in a preview of its Q2 results. While the change in liquids prices could result in up to $700 million additional upstream earnings, the decline in natural gas prices is expected to reduce these earnings by between $300 million and $700 million compared to the first quarter. Exxon, set to report Q2 earnings on August 2, will be reporting…