The largest US oil producer issued a snapshot of factors affecting its third quarter that showed results could land near the company’s US$17.9 billion second-quarter profit.

Exxon and rivals this year have posted sky-high earnings on rising energy prices and demand aided by cost-cutting. Gas prices, in particular, have soared this year on strong demand from Europe since Russia’s invasion of Ukraine.

In the third quarter, US natural gas prices averaged US$7.95 per million British thermal units (mmBtu), up from US$7.17 mmBtu in the second quarter. Brent prices eased to US$98 per barrel in the same period, from an average of US$109 between April and June. Exxon’s official results are due on Oct 28.

The snapshot showing more stellar profits comes after Exxon chief executive Darren Woods and US energy secretary Jennifer Granholm clashed over White House criticism of fuel prices last week.

In a breakdown of individual business units, Exxon indicated natural gas boosted operating results by about US$2 billion, offsetting an about US$1.6 billion decline in oil profits. Earnings from pumping oil and gas could reach about US$13 billion, compared to Wall Street’s forecast of a US$10.1 billion operating profit.

Weak refining margins reduced profits from selling gasoline and diesel by about US$2.6 billion, offset by lower maintenance costs and an additional business day during the quarter. Operating profit could fall to about US$3.4 billion from US$5.3 billion in the second quarter, the filing indicated.

Chemical results also will slip by about US$300 million from the prior period’s US$1.07 billion operating profit, and motor oil results will double to about US$800 million, offsetting the chemicals drop, the filing showed.

Overall, a tally of changes show an operating profit of about US$17.8 billion, above IBES Refinitiv forecast of US$14.68 billion, or US$3.44 per share, profit. Exxon earned US$17.9 billion, or US$4.21 per share, an all-time record, in the prior quarter.