Exxon faces a loss for the quarter of US$2.3 billion. It would be the second this year after a US$610 million 1Q20 deficit. Results are due out 31 July.
The filing did not refer to asset writedowns. However, in a change from prior quarterly updates, Exxon noted the list may not include all charges. Shell outlined an up to US$22 billion charge and BP an up to US$17.5 billion writedown on the oil demand and price drops.
Exxon’s oil and gas operations will swing to a loss compared with 1Q20 because of sharply lower prices. That drop reduced the unit’s operating profit by between US$2.5 billion and US$3.1 billion, the company said in its investor snapshot of operations.
Refining results will fall by between US$800 million and US$1.1 billion compared with 1Q20 on weaker margins and logistics differentials, it said.
Exxon last quarter cut output by up to 400 000 bpd and capital spending by 30%, much of it in its shale business.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/03072020/exxonmobil-to-report-loss-in-2q20/
You might also like
At the ‘Eliminating Methane Emissions by 2030’ roundtable with the COP28 Presidency, TotalEnergies announced the signing of three cooperation agreements with national oil and gas companies to carry out methane detection and measurement campaigns using the AUSEA technology.