Exxon Mobil posts loss on $3 billion 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 Mobil posts loss on $3 billion writedown, oil price plunge HOUSTON (Reuters) - Exxon Mobil Corp ( XOM.N ) on Friday joined a parade of oil companies posting downbeat results on plunging oil demand and collapsing prices, reporting a $610 million first-quarter loss 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 profits or wider losses except for chemicals, where low oil and gas prices lifted earnings. “COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” said Exxon Chief Executive Officer Darren Woods. Exxon’s results echoed those of rivals Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ), though Chevron ( CVX.N ) report
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