Exxon posts third straight loss as pandemic hits energy demand, prices

In this news, we discuss the Exxon posts third straight loss as pandemic hits energy demand, prices.

(Reuters) – Exxon Mobil Corp. XOM.N recorded its third consecutive quarterly loss on Friday, as most of the oil is hit hard by energy demand and prices due to the COVID-19 pandemic.

The net loss attributable to Exxon was $ 680 million, or 15 cents per share in the third quarter, compared with profit of $ 3.17 billion or 75 cents per share a year earlier.

The company plans to exceed targets for reducing capital and cash expenditures for 2020 and expects further reductions in 2021.

Earlier this week, the U.S. oil producer said it would cut its workforce by about 15% and keep its fourth-quarter dividend at 87 cents per share, signaling that 2020 will be the first year since 1982 that ‘he did not increase his payment to shareholders.

Reporting by Arathy S Nair in Bengaluru; Edited by Arun Koyyur

Original © Thomson Reuters

Originally posted 2020-10-30 19:16:09.

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