Exxon Mobil has indicated that its second-quarter earnings could decrease by approximately $1.5 billion due to falling oil and gas prices. The average price of Brent crude oil dropped to $66.71 per barrel, an 11% decline from the previous quarter, while U.S. natural gas prices fell by 9%. This anticipated dip in earnings is significant as it reflects broader trends in the oil market, particularly influenced by increased crude supply from OPEC+ producers, which is expected to impact the financial performance of Exxon and potentially other companies in the sector.

The company is set to release its final quarterly results on August 1, with Wall Street estimating adjusted earnings of $1.53 per share for the second quarter. In the first quarter, Exxon reported upstream earnings of $6.8 billion, contributing to a total profit of $7.71 billion. The upcoming earnings report will be closely monitored by analysts and investors for insights into the overall health of the oil sector, especially as companies prepare to disclose their quarterly results in the coming weeks.