Exxon Mobil Corporation today reported an estimated loss for the 2020 quarter of $1.1 billion, or $0.26 consistent with the stock, assuming dilution. The effects included a positive adjustment in the price of non-cash inventories due to the increase in commodity costs of $1.9 billion, or $0.44 according to the stock, assuming a dilution. Capital and exploration expenses were $5.3 billion, nearly $2 billion less than in the first quarter, reflecting past spending cuts.
Oil equivalent production 3.6 million barrels consistent with the day, 7% less than at the time of the 2019 quarter, adding a minimum of 3% in liquids and a minimum of 12% in herbal gas, basically reflecting the effects of COVID-19 on global demand, adding and reducing imposed by the government.
“The global pandemic and oversalfer situations had a significant effect on the monetary effects of our current quarter, as prices, margins and sales volumes declined. We have responded decisively by cutting short-term spending and continuing our efforts to improve power by leveraging recent reorganizations,” said Darren W. Woods, President and CEO. “The progress we have made to date gives us confidence that we will reach or exceed our 2020 load relief goals and provide a forged basis for additional power gains.”
“We have a higher debt to a point that we consider appropriate to provide liquidity, given the uncertainties of the market. Based on existing projections, we expect to take on more debt.”
The company has seen significant prospects for additional discounts and is conducting a comprehensive assessment of all companies, country by country. Additional main points will be provided when plans are finalised.
During the trimester, ExxonMobil continued reaction efforts to COVID-19 by expanding the production of isopropyl alcohol used in disinfectants and specialty polypropylene used in masks and medical gowns. In April, the company reconfigured its production operations in Baton Rouge, Louisiana, to produce and bottle a medical grade hand sanitizer that would be donated to front-line personnel in the United States and the United States Air Force. In addition, ExxonMobil has donated appliances and contributed to relief efforts around the world, as indexed on the company’s website.
Second Quarter 2020 Business Highlights
Upriver
Downriver
Chemical
Strengthening the portfolio
Disciplined and expense management
During the quarter, ExxonMobil made significant progress in its past capital and money spending reductions. Planned cuts from the company’s 2020 capital investment program, from $33 billion to $23 billion, are ahead of schedule, reflecting greater efficiency, minimizing market costs, and minimizing allocation pace. The minimization allocated in money or consistent with the expenses of approximately 15 cents is also ahead of schedule, resulting in savings through greater efficiency, lower activity and minimizing energy costs and volumes.
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