5/1/2020, 1:39 PM (Source: TeleTrader)
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Exxon posts Q1 loss at $610M, first in 32 years

Exxon Mobil Company's loss amounted to $610 million in the first fiscal quarter of 2020 compared to a profit of $2.35 billion recorded in the same trimester last year, the company said on Friday. The Texas-based energy firm posted its first quarterly loss in 32 years. Exxon's loss per share was at $0.14, dropping from earnings per share of $0.55 posted in the first three-month period last year.

Oil‑equivalent production was four million barrels per day, growing 2% annually. The company opted to reduce 2020 capital spending by 30% and cash operating expenses by 15%, while Capex is now expected to reach $23 billion for the fiscal year, down from the previously announced guidance of $33 billion.

"COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry," Exxon Chairman and Chief Executive Officer Darren Woods said in a statement.

Shares of Exxon dipped 1.4% in premarket trading following the announcement.

Breaking the News / GA