ExxonMobil on Friday reported an adjusted loss of 18 cents/share in the July-September quarter of 2020, marking its third consecutive quarterly loss. However, it beat analysts’ estimates of 25 cents/share loss. The company also said that it would slash capital spending for 2021 to between $16 billion and $19 billion, from this year’s revised plan of $23 billion. The company also said it was considering unloading gas holdings in North America and could write off assets worth as much as $25 billion to $30 billion.
Exxon’s net loss stood at $680 million, or 15 cents/share in the third quarter, compared to a profit of $3.17 billion, or 75 cents/share, in the same period last year. The company’s shares lost 1% on Friday to $32.62. Meanwhile, its third-quarter production fell 5.8% year-on-year to 3.67 million boepd.
Exxon’s exploration and production business posted a loss of $383 million, compared to a $2.2-billion profit a year earlier. Its refining business lost $231 million, compared to a $1.2-billion profit in the corresponding period last year. The chemical business generated a $661 million profit, up from $241 million a year earlier, thanks to improving packaging demand and recovering construction and auto industries.
