In Q1 of this year, Exxon Mobil Corp (NYSE:XOM), the largest oil and gas company in the United States, expects a significant increase in net income compared to Q4 of last year due to higher energy prices.

ExxonMobil said in a statement that the rising price of liquid hydrocarbons added $1.9-2.3 billion to the company’s net income last quarter, while gas added up to $0.4 billion.

Other factors that influenced the January-March figures included higher margins in refining and lower margins in petrochemicals.

In Q4 ExxonMobil recorded a net profit of $8.9 bln.

The company plans to report Q1 earnings later this month, and experts polled by FactSet on average forecast it recorded net income excluding one-time factors of $2.17 per share, up from $0.65 per share a year earlier and $2.05 per share in Q4.

Yesterday, ExxonMobil said it expects a $4 billion impairment of book assets due to its planned exit from the Sakhalin-1 project.

The company’s shares have risen by 36% since the beginning of this year.