Lower oil prices are seen hitting upstream earnings by $2.1B-$2.5B in Q2, says Exxon (NYSE:XOM) in a regulatory filing released this morning. Lower gas prices will cause a $400M-$600M hit. In Q1, Exxon had an upstream profit of $1.2B.
Meanwhile, lower refining margins will hit downstream earnings by $700M-$900M. In Q1, Exxon had a downstream profit of $1.3B.
The numbers aren’t pretty, but apparently better than hoped. Shares are up 1.8% in premarket action.