Exxon signals profit drop, cites lower natgas prices, refining margins

Exxon Mobil Corp on Wednesday signaled second-quarter operating profits fell on lower natural gas prices and weaker oil refining margins, according to a regulatory filing.

The snapshot of results indicates earnings from oil and gas production – its largest business – will retreat from the $6.5 billion that business delivered in the first quarter. The lower natural gas prices cut gains by about $2 billion, the filing showed.

Weaker refining margins also reduced operating results at its gasoline and diesel business by about $2.1 billion, Exxon said in a preview of factors affecting second quarter earnings.

The largest U.S. producer delivered record first quarter earnings of $11.4 billion.

Official results are due on July 28.