Exxon Mobil Corp said on Monday that its first-quarter results could hit a seven-year high, with operating profit of $9.3 billion in the oil and gas extraction business alone.
Operating profit at Exxon's oil and gas business could rise as much as $2.7 billion from $6.6 billion in the previous quarter, according to data for the quarter ended March 31.
Exxon has not hedged or locked in oil sales through hedging, and its performance has generally matched changes in energy prices. Oil prices rose 45% in the first quarter to an average of $114 a barrel, the highest level in seven years.
Oil prices rose sharply, supporting the performance of oil stocks soaring. The Biden administration just announced the release of 180 million barrels of crude oil, easing the pressure on oil surge. Meanwhile, on Thursday, the International Energy Agency will also announce the release of 120 million barrels of crude oil to ease the pressure.
At this time, oil prices are high to release national reserves, which can allow the country to sell at a good price. Then wait for the price to drop and buy it back. I guess a Biden administration would have figured it out long ago than buying and selling.
How do you see future oil prices? Including the impact on the stock market?
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