(Bloomberg) -- Exxon Mobil Corp., the largest US oil company, said lower oil and natural gas prices had a negative impact on fourth-quarter earnings of about $3.7 billion compared with the preceding three months.
The impact from lower gas prices was as much as $2.4 billion, while oil accounted for as much as $1.7 billion, the Irving, Texas-based oil giant said in a filing Wednesday.
The losses were mitigated by upstream mark-to-market derivative gains of as much $1.5 billion.
The data provides an early snapshot of the fourth-quarter results that Exxon is scheduled to release on Jan. 31.
Those results will cap what Wall Street expects to be Exxon’s most profitable year ever. Net income for 2022 will total more than $58 billion, according to the median of analysts’ estimates compiled by Bloomberg.
Profits were fueled by soaring oil and gas prices following Russia’s invasion of Ukraine. Those commodities have dipped in recent months amid China’s struggle to deal with Covid and broader concerns about global economic activity.
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