ExxonMobil, the US’s biggest oil company, suffered a loss of $610m for the first quarter of the year, in a sharp reversal from a $2.4bn profit a year earlier after taking a hefty charge to reflect plummeting oil and gas prices, Report informs, citing foreign media.
Revenue for the quarter came in at $56bn, Exxon said, below analysts’ consensus forecasts and down 12 percent when compared with the same period in 2019.
“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 recovery of the industry,” CEO Darren Woods said in the Report.
Exxon announced no new cuts to planned spending in 2020 but reiterated its intent — announced last month — to slash capital expenditure by 30 percent compared with earlier plans, to $23bn.
Exxon plans to pay an 87 cent-per-share dividend in the second quarter, according to its Friday report.