Exxon Mobil warned that lower oil and gas prices could reduce its second-quarter earnings by about $1.5 billion compared to the previous quarter.

Brent crude prices fell 11% and U.S. natural gas prices dropped 9% in Q2 due to increased OPEC+ supply.

Exxon is expected to report adjusted earnings of $1.53 per share for the quarter when it releases full results on August 1, the New York Post has reported.

The company earned $6.8 billion from upstream operations and $7.71 billion in total profit in Q1.

Written by B.C. Begley