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IPFS News Link • Oil

Exxon Reports First Quarterly Loss In 32 Years

• https://www.zerohedge.com, Tyler Durden

One day after Shell unexpectedly cut its dividend for the first time since WWII, supermajor Exxon Mobil reported its first quarterly loss in 32 years amid a glut of oil, a global recession, and a pandemic that has forced billions of people to stay indoors instead of driving, destroying petroleum demand. 

The company reported a $610 million loss for the quarter ending March 31, equivalent to a 14c loss per share in 1Q versus earnings per share estimates of around 55c Y/Y.  First-quarter results are a reminder that the worst has yet to come, as lockdowns only began around mid-month, so the quarter only captured about 15 days or so of demand destruction. 

Here are some of the highlights from the 1Q earnings report:

1Q production 4,046 mboe/d, +1.6% y/y, estimate 3,943 (Bloomberg Consensus)

1Q capital expenditure $7.14 billion, +3.7% y/y

1Q production 9,396 mmcfe/d, -5.3% y/y, estimate 8,633

1Q chemical prime product sales 6,237 kt, -7.9% y/y

1Q downstream petroleum product sales 5,287 kbd, -2.4% y/y

1Q cash flow from operations and asset sales $6.36 billion, -25% y/y

1Q refinery throughput 4,060 mb/d, +4.5% y/y


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