10/30/2020, 12:41 PM (Source: TeleTrader)
more TeleTrader news

Exxon posts revenue at $46.2B in Q3, down 29% YoY

Exxon Mobil Corporation's revenues for the third quarter of fiscal 2020 amounted to $46.2 billion, dropping 29% compared to the same period last year but managing to beat analysts' estimates, the company unveiled on Friday. Diluted loss per common share landed at $0.15, plunging from earnings per share of $0.75 posted in the three-month span ending September 2019, while net loss was at $709 million, marking a fall compared to net profits of $3.25 billion in the third semester last year. Total costs grew 36% year-over-year to $46.57 billion in the third quarter.

The Texas-based firm's oil-equivalent production stood at 3.7 million barrels per day in the same trimester, decreasing by 6% annually.

"We are on pace to achieve our 2020 cost-reduction targets and are progressing additional savings next year as we manage through this unprecedented down cycle," Exxon Mobil CEO Darren Woods said in a statement.

The company's shares declined by nearly 1% in premarket trade following the announcement.

Breaking the News / GA