SAT, 31 OCT, 2020-theGBJournal-Exxon Mobil Corporation Friday announced a smaller loss than expected, an estimated third quarter 2020 loss of $680 million, or $0.15 per share assuming dilution.
Third quarter capital and exploration expenditures were $4.1 billion, bringing year-to-date spending to $16.6 billion, more than $6 billion lower than the prior year period.
Exxon’s debt has climbed to $68 billion, more than triple since 2014. CEO Darren Woods warned that the company may take a $30 billion write-down, largely related to its North American shale gas assets. Exxon overpaid for XTO Energy more than a decade ago, right before a steep drop in natural gas prices.
Exxon kept its dividend flat for the first time in nearly 40 years. But with a dividend yield in excess of 10%, the oil major will be under pressure going forward.
The oil major is also expected to cut 15% of its workforce, which will translate into job losses of about 1,900.
Twitter-@theGBJournal|email: info@govandbusinessjournal.com.ng
