Exxon Mobil (NYSE:XOM) said higher crude oil and natural gas prices could increase its Q1 upstream earnings by as much as $800M compared with the previous quarter, with the change in liquids prices raising earnings by as much as $400M and the change in gas prices accounting for another boost of as much as $400M, according to an SEC filing Thursday.

The company said timing effects, which primarily relate to unsettled derivatives, could boost upstream earnings by $100M-$500M.

In Q4 2024, Exxon (NYSE:XOM) reported net earnings of $7.6B, including $6.5B coming from upstream earnings.

Exxon (XOM) said changes in industry margins, as well as timing effects, should provide a boost of as much as $700M to its energy products unit, although the changes in industry margins likely will hurt the specialty products division and leave the chemical products unit roughly unchanged.

Exxon (XOM) shares closed down 5.3% on Thursday, alongside sharply lower crude oil prices after OPEC+ agreed to a surprise increase in production a day after the Trump administration announced sweeping new tariffs.