Exxon Mobil Corp. XOM said in a filing Tuesday that it expects oil prices in the first quarter to knock between $600 million and $1 billion out of its upstream earnings in the quarter as compared with the fourth quarter, and gas prices to dial down upstream earnings by between $400 million and $800 million, among other impacts. The energy giant detailed oil- and gas-prices effects ahead of its first-quarter earnings scheduled for late April. Other changes, such as seasonal gas demand and scheduled maintenance, will have smaller negative impacts in upstream and other segments, Exxon said. Exxon earned $12.8 billion in the fourth quarter, including $8.2 billion from its upstream segment. Exxon shares edged higher in the extended session Tuesday, after ending the regular trading day down 1%. Exxon stock as well as shares of virtually all exploration and production and other energy companies jumped on Monday following a rally for oil futures prices this week after OPEC+ surprised markets on Sunday by deciding to cut production by more than 1 million barrels a day, adding to existing output reductions. Analysts polled by FactSet expect Exxon to report adjusted EPS of $2.64 on sales of $83.4 billion in the first quarter, compared with adjusted EPS of $3.40 on sales of $95.4 billion in the fourth quarter.
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