Why ExxonMobil Stock Is Rallying Today
Shares of ExxonMobil (NYSE: XOM) rallied as much as 5% on Wednesday. The oil giant unveiled its preliminary third-quarter results, which helped drive up shares. In addition, OPEC agreed to a deeper-than-expected production cut, pushing up crude prices.
Exxon provided investors with an initial look at its upcoming third-quarter report. The oil giant said it could earn $11 billion in the period before any asset impairments. While that's down from $17.9 billion in the second quarter, it's well above the $6.8 billion Exxon earned in the year-ago period.
Oil prices cooled off in the period, falling from an average of $109 a barrel in the third quarter to $98 in the second. That, along with other issues, will cut Exxon's earnings from liquids and refining. However, the company partially offset that with a boost from higher natural gas prices.
Source Fool.com
