Exxon Mobil posts first loss in three decades on US$610-million quarterly deficit [Toronto Globe and Mail (Ontario, Canada)]
Exxon Mobil Corporation (XOM)
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Source: Toronto Globe and Mail
Exxon Mobil posts first loss in three decades on US$610-million quarterly deficit A sign stands outside an Exxon gas station in Houston on April 30, 2019. Loren Elliott/Reuters A sign stands outside an Exxon gas station in Houston on April 30, 2019. Exxon Mobil Corp. on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a US$610-million quarterly deficit after a nearly US$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 busi
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