EXXON SIGNALS $4.5 BILLION REFINING SURGE

ExxonMobil said higher refining margins will add $4.5 billion to third-quarter earnings compared with the prior quarter, pushing adjusted refining profit toward $8.5 billion, more than double the second-quarter level. The boost came as Brent crude fell about 5.6% during the quarter, a drop that cut upstream earnings by $1.3 billion even as $XOM booked a $700 million gain from asset sales. The split shows cheaper crude feeding refiners while squeezing the producers of it, inside the same company. Full third-quarter results are due October 30.