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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ExxonMobil’s Loss Reaches $610 Million in Q1

See Also Other News of the Day:

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

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A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

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Engineers had to pour concrete mixed with tons of ice throughout entire nights in the Dubai desert to erect the Burj Khalifa; any carelessness could clog the pipes half a mile high.

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Owner of the largest pig farm on the planet, the Chinese company Muyuan Foods sent executives to Mato Grosso to study pig production in Brazil, as a step by China to get closer to the source of feed and ensure food security, although the investment has not yet been confirmed.

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At 16 years old and without money to buy equipment, a student from the Sertão of Paraíba built his first telescope with two margarine buckets and a wall mirror, and today he brings space observations to schools and squares in the region with increasingly powerful devices.