KEY TAKEAWAYS ExxonMobil said it expects to take an up to a $900 million hit to its upstream earnings in the fourth quarter versus the previous three months amid falling oil prices.Lower liquids prices are set to bring down its upstream earnings by between $500 million to $900 million in the fourth quarter of 2024 compared with the third quarter.

ExxonMobil's results, scheduled for release on Jan. 31, will serve as a bellwether for the oil industry, offering insights into the broader challenges faced by energy majors. In the third quarter, ExxonMobil posted $8.6 billion in earnings, but the current forecast signals a stark contrast as the company navigates a tough operating environment.

Exxon Mobil Corp.’s shares fell after the company warned its fourth-quarter earnings will take a hit from lower crude prices and narrowing refining margins during the final three months of 2024.

The change in gas prices, however, may boost earnings by as much as $400 million for the quarter, the company said..