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 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,

ExxonMobil said it expects to take an up to $900 million hit to its upstream earnings in the fourth quarter versus the previous three months amid falling oil prices.

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.

By 03:28 ET, the US crude futures (WTI) climbed 0.8% to $74.87 a barrel, while the Brent contract rose 0.7% to $77.56 per barrel. Both contracts were close to their highest levels since mid-October.

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 said lower oil prices and refining margins will weigh on earnings, but Wall Street isn't overly concerned. Here's what you need to know.

Exxon Mobil’s shares were down 0.5% in premarket trade on Wednesday after the company revealed that a fall in liquids prices and weak results in its refining business would negatively impact its fourth-quarter earnings.