Exxon Mobil posts third straight loss as pandemic hits demand, prices
(Reuters) – Exxon Mobil Corp posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 impact on energy demand and prices.
The largest U.S. oil producer by volume plans to cut its capital spending for 2021 to between $16 billion to $19 billion from a planned $23 billion this year.
It also said it was reassessing its natural gas holdings in North America and could impair around $25 billion to $30 billion – but only if it changes its long-term development plans. It is evaluating those assets this quarter.
Exxon has not had writedowns in shale fields this year and has long said it believes demand will grow for its products as more people join the middle class globally.
