Exxon Mobil warns of $2.4–2.6B Q4 upstream impairment and market headwinds

EXXON MOBIL CORP

Upstream impairments of $2.4–2.6B in Q4 2023, primarily from idle Santa Ynez Unit in California.
Lower liquids prices expected to reduce upstream & energy products earnings by $0.8–$1.3B sequentially.
Industry margins decline to reduce energy products & chemical earnings by $1.5–$2.0B.
Additional European taxes and year-end inventory effects to impact quarter.
Divestments expected to contribute $0.2–$0.4B gain.

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