{"id":52901,"date":"2020-05-01T07:28:00","date_gmt":"2020-05-01T12:28:00","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52901"},"modified":"2020-05-01T07:28:04","modified_gmt":"2020-05-01T12:28:04","slug":"exxon-crushed-by-pandemic-reports-first-quarterly-loss-in-32-years","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52901","title":{"rendered":"Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/markets\/exxon-crushed-pandemic-reports-first-quarterly-loss-32-years\">Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Exxon Mobil Corp. has&nbsp;<a href=\"https:\/\/finance.yahoo.com\/news\/exxonmobil-reports-results-first-quarter-113400531.html\">reported<\/a>&nbsp;its first quarterly loss in 32 years amid oversupply conditions, a crashed economy, and a pandemic that continues to destroy petroleum demand.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company reported a&nbsp;$610 million loss for the quarter ending March 31. That is equivalent&nbsp;to about a 14c loss per share in 1Q versus earnings per share estimates of around 55c Y\/Y.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First-quarter results are a reminder that the worst has yet to come. Lockdowns began around mid-month, so the quarter only captured about 15 days or so of demand destruction.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are some of the highlights from the 1Q earnings report:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1Q production 4,046 mboe\/d, +1.6% y\/y, estimate 3,943 (Bloomberg Consensus)<\/li><li>1Q capital expenditure $7.14 billion, +3.7% y\/y<\/li><li>1Q production 9,396 mmcfe\/d, -5.3% y\/y, estimate 8,633<\/li><li>1Q chemical prime product sales 6,237 kt, -7.9% y\/y<\/li><li>1Q downstream petroleum product sales 5,287 kbd, -2.4% y\/y<\/li><li>1Q cash flow from operations and asset sales $6.36 billion, -25% y\/y<\/li><li>1Q refinery throughput 4,060 mb\/d, +4.5% y\/y&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Exxon also announced it is &#8220;reducing 2020 capital spending by 30 percent and cash operating expenses by 15 percent. Capex is now expected to be approximately $23 billion for the year, down from the previously announced guidance of $33 billion.&#8221;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,&#8221; said Darren W. Woods, chairman and chief executive officer.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>&#8220;While we manage through these challenging times, we are not losing sight of the long-term fundamentals that drive our business. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry.&#8221;<\/em><\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm3E6C_0.jpg?itok=10uHzv_a\"><\/a>\u2026click on the above link to read the rest of the article\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-05-01_08-02-28.png?itok=dglXbTil\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years Exxon Mobil Corp. has&nbsp;reported&nbsp;its first quarterly loss in 32 years amid oversupply conditions, a crashed economy, and a pandemic that continues to destroy petroleum demand.&nbsp; The company reported a&nbsp;$610 million loss for the quarter ending March 31. That is equivalent&nbsp;to about a 14c loss [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,4],"tags":[28817,4390,1729,855],"class_list":["post-52901","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-environment","tag-coronavirus","tag-exxon","tag-oil-and-gas-industry","tag-viral-pandemic"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52901"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52901\/revisions"}],"predecessor-version":[{"id":52902,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52901\/revisions\/52902"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}