Sabrina Valle

HOUSTON (Reuters). Exxon Mobil Analysts believe Corp’s fourth-quarter profit will surpass Wall Street consensus, and even exceed its pre-pandemic level, thanks to better-than expected earnings from oil and natural gas.

Credit Suisse After Exxon’s announcement of a sharply increased oil and gas operating profit, Scotiabank (NYSE:), and JPMorgan(NYSE:) raised their fourth-quarter earnings estimates, JPMorgan (NYSE 🙂 has also raised its expectations. February 1 will bring the official results.

Exxon stock rose 3.8% to $63.51 Monday due to the improved earnings outlooks. Friday’s gain of less than 1% was also a result. Although the stock gained 48% over last year, it is still below its two-year average.

The largest U.S. oil producer lost $22.4 billion in 2020 due to falling crude oil prices and reduced refining margins. This year, it was able through cost cuts and increased energy prices to repay its debt and plan a share-buyback program.

Credit Suisse analyst Manav Gopta stated in Friday’s note that Exxon Securities filings indicated quarterly results “above pre-pandemic levels” and that they were “above prior guidance.”

Based on the median estimate of three banks who updated their estimates (excluding one-time items), the company could earn $8.2billion or $1.93 a share. This is higher than analysts’ adjusted profit at $1.79 per shares, as calculated by Refinitiv IIBES.

Exxon announced mark-to market gains up to $1.1 Billion for oil, natural gas and refined products. According to Securities and Exchange Commission filings, the proceeds from assets sales could reach up to $500 Million.