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 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.

KEY TAKEAWAYS ExxonMobil said it expects to take an up to a $900 million hit to its upstream earnings in the fourth quarter versus the previous three months amid falling oil prices.Lower liquids prices are set to bring down its upstream earnings by between $500 million to $900 million in the fourth quarter of 2024 compared with the third quarter.