Exxon Mobil Corp reported a $1.1 billion loss for the second quarter on Friday, the first back-to-back quarterly loss for the U.S. oil giant in at least 36 years.
The COVID-19 pandemic slashed oil prices, sending Exxon’s oil and gas production business to a loss. Its refining businesses was hit by a fall in demand, but an improvement in inventory valuations pushed overall refining profits into the black by nearly $1 billion.
An adjusted loss of 70 cents per share missed Wall Street’s estimate of 61 cents, according to Refinitiv. Prior to the pandemic, Exxon pursued an ambitious spending plan to boost oil output and turnaround sagging profits on a bet that a growing global middle class would demand more of its products. Exxon is preparing deeper spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend.
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