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Stock impact report

The Oil Giant Drowning In Debt [Yahoo! Finance News]

Exxon Mobil Corporation (XOM) 
Last exxon mobil corporation earnings: 5/1 07:34 am Check Earnings Report
US:NYSE Investor Relations: ir.exxonmobil.com
ExxonMobil saw its credit ratingdowngradedcutIt seems like years ago, but Exxon gave a bullish presentation to investors in early March as part of its annual Investor Day. In that presentation, CEO Darren Woods said that Exxon would was “leaning into this market when others have pulled back,” by which he meant that the company was spending aggressively even as oil prices remained soft.A day later, the OPEC+ talks fell apart and oil careened downwards. The global pandemic was already beginning to ravage Western Europe and would soon spread across the United States. The dual crises exploded the logic of Exxon’s growth strategy.A raft ofspending cutsExxon's cash flow trajectory was “already relatively weak entering 2020, as very high growth capital investment combined with muted oil and gas prices and low [earnings in its downstream and chemicals segments] resulted in substantial negative free cash flow and rising debt in 2019,” Moody’s analysts wrote. Now, “the large drop in oil prices Show less Read more
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