It’s a tale of two oil trends for ExxonMobil: The company will post a massive profit increase for the first quarter thanks to the oil price spike, but it’s bracing to lose money on its planned exit from Russia.
Exxon disclosed the news Monday ahead of its official quarterly earnings report on April 29, saying high oil prices significantly padded its bottom line during the quarter. But it could also take a $4 billion loss on a drilling project in Russia that is owned in part by the Russian government.
However, Exxon's core business is booming. The spike in oil prices alone will boost Exxon's profit by up to $2.3 billion compared with the fourth quarter, according to the company's Monday filing. U.S. oil prices increased by one-third during that timeframe.Read MoreHigher natural gas prices could add another $400 million, Exxon said.
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