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 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.

Exxon Mobil anticipates its fourth-quarter earnings to be approximately $1.75 billion lower than the previous quarter. This projected decline reflects the broader industry trend of reduced profitability due to a decrease in the refining of crude oil and the selling of petroleum products.

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.

Analysts on Wednesday lowered their fourth-quarter earnings estimates for Exxon Mobil, the day after the top U.S. oil producer warned that reduced prices and margins could hurt quarterly results. Shares of Exxon declined 1.

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.