Refining margins soar, Exxon Mobil Corporation (XOM.US) Q3 downstream business profit set to hit record high.

Exxon Mobil Corporation (XOM.US) said in an 8-K filing on Friday that rising refining margins in the third quarter are expected to deliver about $4.5 billion in additional profit for its downstream business, after its refining business already earned $4.1 billion in profit in the second quarter. Data shows that analysts expect Exxon Mobil Corporation's third-quarter refining earnings to be about $7.8 billion, which would be the company's best-performing quarter ever; the company is scheduled to release full quarterly results on October 30. As a benchmark for U.S. refining profitability, the Gulf Coast 3-2-1 crack spread rose 28% quarter over quarter and hit a record high of $72.64 on September 22. The filing shows that Exxon Mobil Corporation's surge in profit will be partly offset by lower oil prices, which could reduce profit by about $1.3 billion. The filing also said the company expects to incur a $2.5 billion loss due to the "time effect"that is, derivative positions related to goods that have been shipped but not yet delivered. The company also said there were no volume-related disruptions this quarter caused by the Iran war.