ExxonMobil said higher refining margins added about $4.5 billion to its earnings

Lower oil prices reduced earnings by $1.3 billion, the company said. It also estimated a $2.5 billion hit from timing effects. ExxonMobil plans to post full third-quarter results on its website and in a Form 8-K filing at 5:30 a.m. CT on Friday, Oct. 30.

The company said timing effects arise because open derivatives are marked to period-end prices, while the related physical shipments are carried in inventory and do not show up in earnings until the transactions are complete. It expects those effects to unwind in later quarters.

The filing also describes Middle East impacts that include losses on settled hedges not offset by physical shipments because of supply disruptions in the region.

ExxonMobil stock rose close to 1% in premarket trading on Friday.

The Gulf Coast 3-2-1 crack spread, which tracks how profitable U.S. refiners are, climbed 28% versus the second quarter and peaked at an all-time high of $72.64 on Sept. 22, according to Bloomberg. Oil majors in Europe have also pointed to strong refining margins as the U.S.-Iran and Russia-Ukraine conflicts have disrupted fuel production, according to Bloomberg.

ExxonMobil's fuel-making operations generated $4.1 billion in the second quarter, the strongest result in four years. Scheduled maintenance limited the benefit from record diesel production at the time, and the result fell short of the $5.37 billion Wall Street had projected.

Timing effects also shaped earlier results this year. First-quarter net income fell to $4.2 billion, the lowest in five years, weighed down by $3.9 billion in unfavorable derivative timing effects and a $706 million loss tied to Middle East war disruptions.