Exxon Mobil (XOM.US) submitted documents to the USA Securities and Exchange Commission, stating that a sharp decline in refining profits and weakness across all Business lines will reduce the company's earnings in the fourth quarter by approximately 1.75 billion dollars compared to the previous quarter. The company also mentioned that the sale of upstream Assets will increase profits by about 0.4 billion dollars, but the overall impairment will be approximately 0.6 billion dollars, and the documents did not specify the reasons for the impairment.

Market expectations for Exxon Mobil's fourth quarter earnings per share are 1.76 dollars, down from 2.48 dollars per share in the same period last year. The company reported earnings of 8.6 billion dollars in the third quarter last year, with adjusted earnings of 9.96 billion dollars for the fourth quarter of 2023.

RBC Capital Markets oil Analyst Biraj Borkhataria reported that the company's disclosures indicate profits are far below market expectations, revealing significant adversity in the refining industry.