Fri. Dec 4th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Exxon reports it’s first ever Quarterly loss since 1999

2 min read

Exxon booked a loss of $610 million for the primary quarter of 2020, compared to earnings of $2.4 billion for the primary quarter of 2019,
slipping into a quarterly loss for the primary time in additional than twenty years, as low oil prices weighed on asset valuations.

Exxon’s loss was the result of a $2.9 billion charge from identified items,
reflecting non-cash inventory valuation impacts from lower commodity prices and asset impairments.

At the start of April, the U.S. super major said it absolutely was making a ‘significant reduction’ to its cost (Capex),
slashing investments for 2020 by 30 percent, to around $23 billion, down from the previously announced CAPEX of some $33 billion.
Exxon also will cut its cash operating expenses by 15 percent, driven by deliberate actions to extend efficiencies and reduce costs.
Exxon’s oil-equivalent production rose by 2 percent year on year to 4 million barrels per day for Q1 2020.
Permian production grew 20 percent from the fourth quarter of 2019 and jumped by 56 percent from the primary quarter of 2019, Exxon said today.
Exxon, just like the other U.S. super major Chevron and in contrast to some European rivals like Shell and Equinor, is going to be preserving cash for the dividend.

Yesterday, Shell slashed its dividend for the primary time since war II to preserve cash and value during a highly uncertain macroeconomic environment.
Commenting on Exxon’s Q1 results, its chairman and CEO Darren Woods said:
“COVID-19 has significantly impacted near-term demand, leading to oversupplied markets and unprecedented pressure on commodity prices and margins.”

“While we manage through these challenging times, we don’t seem to be losing sight of the long-term fundamentals that drive our business,” Woods added.

“Our company remains strong and that we will manage through this market downturn as we’ve for many years,” Exxon’s boss said.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.