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.
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.
FedEx Corporation (NYSE: FDX) reported first-quarter 2022 earnings results today. Total revenues increased to $22 billion from $19.3 billion in the same period a year ago. The company reported a
Adobe Inc (NASDAQ: ADBE) reported third-quarter 2021 financial results after the regular market hours on Tuesday. The software giant reported Q3 revenue of $3.94 billion, up 22% year-over-year and higher
The restaurant and food service industry is struggling to regain momentum after being hit hard by the pandemic. Restauranteurs are currently busy adapting to the changed operating conditions, shifting focus