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IPFS News Link • Oil

Exxon Reports First Quarterly Loss In 32 Years

•, 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