ExxonMobil warns of $1.5 bn Q2 hit; refining margins may offset
ExxonMobil expects Q2 earnings to drop by $1.5 billion due to weaker oil and gas prices, echoing Shell's dim outlook. Falling upstream margins may be partly offset by a $300 million gain from improved refining. With Q2 results due on August 1, investors await clarity on capital plans and the Hess arbitration. Retail sentiment remains bearish on Stocktwits.