(Bloomberg) -- Exxon Mobil Corp. said it expects an earnings hit of as much as $800 million from the deep freeze that plunged Texas into darkness last month.
First-quarter earnings may be cut by as much as $300 million for the upstream segment, up to $200 million for downstream and $300 million for chemicals, the oil giant said Wednesday in a filing. But the company also sees higher liquids and natural gas prices boosting results by as much as $2.7 billion.
The arctic blast in Texas wreaked havoc on gas and power markets, minting winners and losers among energy suppliers. Electricity retailers including Just Energy Group Inc. and Griddy Energy LLC declared bankruptcy, while oil producer California Resources Corp. said its gas trading business generated a profit as a result of the storm.
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