Categories Earnings, Energy

ExxonMobil (XOM) slips to a loss in Q1 but beats estimates

ExxonMobil (NYSE: XOM) reported its financial results for the quarter ended March 31, 2020, on Friday. Despite the impact of the COVID-19 pandemic on the global markets, the results exceeded analysts’ expectations.

ExxonMobil slipped to a loss in the first quarter of 2020 from a profit last year due to the inclusion of a charge from market-related write-downs. This reflected non-cash inventory valuation impacts from lower commodity prices and asset impairments.

ExxonMobil (XOM) Q1 2020 earnings review

The company said the COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins. ExxonMobil’s capital allocation priorities remain unchanged. The company’s objective is to continue investing in industry-advantaged projects to create value, preserve cash for the dividend, and make appropriate use of its balance sheet.

In response to market conditions, ExxonMobil is lowering 2020 capital spending by 30% and cash operating expenses by 15%. Capex is now expected to be about $23 billion for the year, down from the previously announced guidance of $33 billion.

Past Performance

Most Popular

Earnings calendar for the week of January 25

Leading stock indices continued the recent rally this week, with S&P 500 and Dow Jones Industrial Average setting new records helped mainly by the tech sector. Also, the overall sentiment

COVID-related medical costs may weigh on UnitedHealth’s performance this year

The health insurance sector has been facing multiple challenges from the virus crisis, but market-leading healthcare firm UnitedHealth Group (NYSE: UNH) maintained stable financial performance as customers of its core

United Airlines (UAL): International travel expected to make quicker recovery than domestic

United Airlines Holdings Inc. (NYSE: UAL) had a tough time in 2020 and its CFO literally bid “good riddance” to the year on its quarterly conference call. The company reported

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top