ExxonMobil expects strong refining margins to add $4.5 billion to its energy products segment earnings in the third quarter, after $400 million of external impacts is subtracted. Changes in scheduled maintenance and the extra days in the quarter should add back $300 million. As a result, the segment's earnings are expected to more than double from the second quarter's $4.1 billion, and adjusted company earnings are estimated at about $15.1 billion versus $14.7 billion in the second quarter. The article argues that Exxon's integrated model offset lower oil prices, and that refiners such as Phillips 66, whose stock has more than doubled this year, also benefit. Exxon has raised its dividend for 43 straight years, and its full third-quarter report is scheduled for Oct. 30.
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