Exxon expects larger fuel, oil costs to spice up quarterly earnings by as much as $1.5 billion By Reuters

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© Reuters. FILE PHOTO: A emblem of the Exxon Mobil Corp is seen on the Rio Oil and Gasoline Expo and Convention in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File Picture/File Picture

HOUSTON (Reuters) -Exxon Mobil Corp signaled on Thursday that larger oil and fuel costs would enhance third-quarter earnings by as a lot as $1.5 billion over the second quarter.

Oil costs are up 52% this yr and costs in the USA have greater than doubled as demand has recovered as economies reopen from the COVID-19 pandemic.

The U.S. oil producer, which experiences third-quarter outcomes on Oct. 29, stated a change in downstream refining margins might add from $500 million to $700 million within the quarter.

Chemical margins, then again, might minimize working revenue by between $200 million and $400 million, the corporate stated in a securities submitting.

Exxon (NYSE:) has been chopping prices and shedding personnel following a historic loss final yr. The latest rebound in oil and fuel costs has helped the corporate’s backside line this yr.

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