ExxonMobil's Profits Are Falling. Is It Time to Sell the Oil Stock?
ExxonMobil (NYSE: XOM) is starting to feel the pinch of lower oil prices. The oil and gas behemoth expects its fourth-quarter profit to fall from its record high in the third quarter. The oil giant's profits could continue declining in 2023 if oil and gas prices don't perk back up.
The company's profit slump might have investors wondering if it's time to sell. Here's a look at whether the oil stock has the fuel to continue growing shareholder value.
ExxonMobil recently disclosed in an SEC filing that it expected to post a lower profit for the recently completed fourth quarter. The energy giant anticipates that lower oil and gas prices will negatively impact its income by $3.3 billion to $4.1 billion, compared with the third quarter. That would put its fourth-quarter operating profits at around $15.4 billion before accounting for any impairment charges, well below the record $19.7 billion of income it reported in the third quarter. The company expects to report its finalized fourth-quarter earnings at the end of January.
Source Fool.com