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Exxon Posts Third Straight Loss, Pandemic Hits Energy Demand

Exxon Mobil Corp posted its third straight quarterly loss on Friday, as the oil major reels from a hard hit to energy demand and prices due to the COVID-19 pandemic.

Net loss attributable to Exxon was $680 million, or 15 cents per share in the third quarter, compared with a profit of $3.17 billion or 75 cents per share, a year earlier.

The company expects to exceed capital and cash expenses reduction targets for 2020 and forecast further cuts in 2021.

Earlier this week, the U.S. oil producer said it would cut its workforce by about 15% and kept its fourth-quarter dividend flat at 87 cents a share, signaling 2020 will be the first year since 1982 that it has not raised its shareholder payout.

Reporting by Arathy S Nair in Bengaluru; Editing by Arun Koyyur

Source: Reuters

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