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

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 US oil producer plans to cut its capital spending for 2021 to between $16 billion to $19 billion, down from a planned $23 billion this year.

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

The company expects to exceed capital and cash expenses reduction targets for 2020 and forecast further cuts in 2021.