ExxonMobil Corp posted a second straight quarterly loss, according to a regulatory filing on Thursday. Its oil and natural gas unit registered a loss of $3.1 billion as prices of both commodities sank due to the coronavirus pandemic. The company’s guidance suggests it would incur a loss of 69 cents/share, worse than a 55-cents/share loss forecast by a Bloomberg survey.
Exxon’s debt burden is expected to swell to a record $57 billion as it ramped up borrowing to defend dividend payouts amid negative cash flow. The company posted its first quarterly loss in modern history in the first quarter of 2020 that reflected the initial days of the pandemic. Exxon is due to release its full Q2 results on July 31.
