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 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. Oil prices lowered earnings at Exxon’s production division by about $700 million,

Exxon Mobil signaled on Tuesday that sharply weaker oil refining results, asset impairments and lower oil prices would reduce its fourth-quarter earnings by about $1.75 billion from the prior quarter.