ExxonMobil Earnings Report July 31 Could Send Stock Soaring

ExxonMobil's upcoming earnings report on July 31 is expected to be a significant milestone for the company. The oil giant has already provided a preliminary glimpse at its second-quarter financial results, which show a strong improvement over the first quarter due to higher oil prices.

The company expects its upstream earnings to rise by about $1.6 billion at the midpoint, driven by improved production and strong oil prices. Meanwhile, its refining earnings could grow by about $2.6 billion, driven by timing effects.

ExxonMobil's adjusted earnings are expected to be even stronger, with analysts predicting a figure of $15.7 billion during the second quarter, nearly double the first-quarter's level.