Exxon posts first loss in 30 years on writedown, oil price plunge [Reuters]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: Reuters
Exxon posts first loss in 30 years on writedown, oil price plunge HOUSTON (Reuters) - Exxon Mobil Corp ( XOM.N ) on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown. Global fuel demand has tumbled by a third on coronavirus-related lockdowns and business shutdowns. Oil giants largely have reported losses on weaker margins and writedowns from an oil glut that has sent prices to historic lows. All of Exxon’s businesses posted lower year-over-year profits or wider losses on declining prices and margins. Despite a deep spending cut and its first quarterly loss since 1988, the company believes a growing global middle will ultimately lift demand. “The long-term fundamentals that drive our business have not changed,” said Chief Executive Officer Darren Woods. However, he conceded, “It’s going to be a very challenging summer.” Exxon’s results echoed th
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