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Business & Finance

Exxon signals 2nd quarterly loss in a row on production, refining hit

  • Oil prices are down 35% since January as the Covid-19 pandemic slashed demand and a global glut forced widespread production cuts.
  • Exxon faces a loss for the quarter of $2.3 billion, or 52 cents per share, according to estimates from Refinitiv IBES.
Published July 2, 2020

Exxon Mobil Corp's oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post another quarterly loss this year.

Oil prices are down 35% since January as the Covid-19 pandemic slashed demand and a global glut forced widespread production cuts. Rivals Royal Dutch Shell and BP Plc have disclosed massive spending cuts and writedowns due to the price drop.

Exxon faces a loss for the quarter of $2.3 billion, or 52 cents per share, according to estimates from Refinitiv IBES. It marks the second this year after a $610 million first-quarter deficit. Results are due out July 31.

The company's oil and gas operations will swing to a loss compared with the first quarter because of lower prices that reduce operating profit between $2.5 billion and $3.1 billion, the company said in a filing designed to give investors a snapshot of its operations.

Its refining unit will suffer losses estimated to be between $800 million and $1.l billion, larger than its first quarter loss, it said.

The second quarter will be "dismal" due to a low point for oil and gas prices, refining margins and production, said Jennifer Rowland, analyst with Edward Jones.

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