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.

Exxon Mobil (NYSE:XOM) -1.4% in Wednesday's trading after saying its Q4 earnings were hurt by lower crude prices and narrower refining margins, in a sign that the quarter may have been a tough one for the big oil companies.

Exxon Mobil shares fell nearly 2% in early trading on Wednesday after the top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations.

Exxon Mobil Corp.’s stock fell 1.4% Wednesday, after the oil giant said lower oil prices and pressure on refining margins would weigh on fourth-quarter earnings. Oil prices measured by the U.S. WTI benchmark fell about 6.

Exxon Mobil said on Tuesday changes in oil prices would ease its fourth-quarter upstream earnings by $500 million to $900 million. The industry bellwether had posted $6.16 billion in upstream earnings for the third quarter,

Exxon Mobil profits will likely miss fourth-quarter-earnings estimates by close to 20%, one analyst argued as he trimmed his numbers. While Exxon Mobil expects changes in gas prices to improve earnings by up to $400 million,