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ExxonMobil to report loss in 2Q20

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Oilfield Technology,

As reported by Reuters, ExxonMobil's oil and gas producing and refining businesses will report operating losses in 2Q20, it said in a regulatory filing on Thursday, setting the stage for the company to post another quarterly loss this year.

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.

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