Exxon records third quarterly loss amid pandemic

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By CAPosts 30 October, 2020 - 07:26pm 25 views

Mexico City. Exxon Mobil posted its third consecutive quarterly loss on Friday and detailed deeper spending cuts for the future, at a time when the oil company has been hard hit by the impact of Covid-19 on energy demand and prices. America's largest oil producer by volume plans to cut its capital spending by 2021 to between $ 16 billion and $ 19 billion from the previously announced $ 23 billion

also said it is re-evaluating its North American natural gas businesses and it could take an asset write-down of $ 25-30 billion, but only if it changes its long-term development plans.

Exxon has had no write-offs in shale fields this year and has long said that believes demand for its products will grow as more people join the global middle class

Exxon's net loss in the third quarter was 680 million of dollars, or 15 cents a share, compared to a profit of 3.17 billion dollars, or 75 cents a share, a year ago

The company expects to exceed its capital expenditure and cash reduction targets by 2020 and forecasts further cuts next year.

This week, Exxon said it would reduce its workforce by about 15 percent and keep its fourth-quarter dividend unchanged at 87 cents a share, indicating that 2020 will be the first year since 1982 that has not increased its payment to shareholders

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Exxon was hit hard by the sharp drop in barrel and demand for energy this year. Prices have slumped 40 percent since the beginning of the year and global demand has declined due to the Covid-19 pandemic

Chevron reports quarterly profit after drastic spending cuts and better crude prices.

Chevron reported adjusted quarterly profit as oil prices rebounded from spring lows and its spending cuts benefited operating results

Chevron and its peers have been cutting their budgets amid collapsing demand and energy prices

The second largest oil producer in the United States posted a profit of $ 201 million, or 11 cents a share, on a reading that excludes extraordinary expenses

The figure compares to a profit of 2 $ 1.9 billion, or $ 1.15 per share, in the same period last year. The net loss including the effect of currency depreciations and other charges was $ 207 million

Chevron CFO Pierre Breber said it is too early to say that the worst of the oil demand crisis related to the coronavirus pandemic is over.

The outlook for energy consumption “depends on when the world - the United States and other countries - can control the pandemic and activities resume. We don't know when that will happen, ”he said.

Chevron is close to completing a complicated restructuring of its operations to reflect the period of low oil prices, Breber said. The process will reduce up to 15 percent of its 45,000-employee staff.

Despite lower volumes, the company reported a modest operating profit in gas, oil and refining production by cutting its expenses by 12 percent and investing in new projects by 48 percent, which excluded acquisitions, on a comparable basis with the same period last year

These measures helped offset lower fuel prices. Chevron's oil and gas production in the third quarter fell 7 percent from a year earlier, after asset sales, activity cuts due to the barrel collapse and contractual agreements.