Prejuízo da petrolífera ExxonMobil chega a US$ 610 milhões no 1° trimestre

ExxonMobil’s Loss Reaches $610 Million in Q1

Written by Roberta Souza

Published on 04/05/2020 at 22:43

Foto: reprodução

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ExxonMobil, a multinational oil and gas company from the United States that operates in the market under the ExxonMobil brand, and also operates the Exxon, Mobil, and Esso brands, reported a loss of US$ 610 million in the first quarter.

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The oil company ranks second in the global ranking of companies with the highest market value, and its result was negatively affected by US$ 2.9 billion due to the stock re-evaluation made due to the drop in oil prices and accounting write-downs.

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If it weren’t for the factor described above, the company would have had an adjusted earnings per share of US$ 0.53. In the same period in 2019, ExxonMobil had a profit of US$ 2.35 billion, which corresponds to US$ 0.55 per share. The corporation’s revenue decreased by US$ 7.47 billion, falling from US$ 63.63 billion to US$ 56.16 billion.

The expected earnings per share valued by analysts was US$ 0.01 and revenue of US$ 53.5 billion.
With the current global market scenario, similar to another multinational, Chevron, ExxonMobil also announced a reduction in the investments planned for 2020. In the case of ExxonMobil, the amounts were reduced by 30%, reaching US$ 23 billion. The oil company expects a 15% drop in its operating expenses.

According to the company, amid the current situation, in addition to maintaining a healthy balance sheet, the goal is: “to continue investing in projects that create value and preserve resources for dividends.” The CEO and chairman of the board of the multinational, Darren Woods, stated in his communication: “COVID-19 had a significant impact on short-term demand, resulting in oversupply and unprecedented pressure on prices and margins.” The director’s expectation is for a recovery of the global economic scenario and demand for the company’s products.

ExxonMobil’s Loss Reaches $610 Million in Q1

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