Big Oil's Q2 to Gain Big Time From Commodity Price Rally
Zacks Investment Research | Jul 14, 2021 07:10AM ET
Some of the world’s top energy companies are set to report second-quarter earnings in the upcoming weeks. ExxonMobil the complete list of today’s Zacks #1 Rank stocks here .
ExxonMobil also recently expressed optimism that higher oil prices would contribute significantly to its second-quarter 2021 upstream earnings.
Overall, the energy behemoths will see sharply higher exploration and production results. However, the other important part of the supermajor’s business, the refining or the downstream unit, remains weak. While fuel usage has recovered as mobility increased — reflected by rising refinery utilization and margin numbers — jet fuel demand is yet to reach pre-pandemic levels. Thus, refining profitability is still well below five-year averages.
Nevertheless, it appears that the most painful downturn for the petroleum business is now a distant memory with energy biggies expected to follow up on a solid first quarter with an even better second quarter.
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