A goal of producing 750,000 bpd from Guyana discoveries by 2025 would be pushed back a year, Exxon said. The stock is down 34% this year.Įxxon's production rose slightly to about 4 million barrels of oil equivalent per day (boepd) from 3.98 million boepd. Its shares were down 3% at $45.03 in morning trading. The chemicals unit "was a better result than any time in 2019," he added. "The downstream in particular came in ahead of our expectations," wrote RBC Capital Markets analyst Biraj Borkhataria. The chemical unit posted a profit of $144 million, down 75% from a year ago but up from a fourth-quarter loss. Lower costs and gains from trading helped limit losses, the company said. Centerra Gold posts US31.7-million loss, including inventory writedown at Kumtor. Its refining business swung to a $611 million operating loss on weak demand and inventory charges. Exxon's volumes were higher, with its U.S. Chevron also plans to cut as much as 300,000 bpd this month and up to 400,000 in June.Įxxon posted a loss of $610 million, or 14 cents per share, in the quarter, compared with a profit of $2.35 billion, or 55 cents per share, a year earlier.Įxcluding charges, adjusted profit was 53 cents a share, beating Wall Street's forecast for an adjusted profit of 18 cents.Įarnings from oil and gas production fell 91% from a year ago on weak oil prices. Exxon, BP, and Chevron maintained their quarterly payouts while Shell cut its dividend for the first time since World War Two.Įxxon has cut this year's project spending by $10 billion and expects to reduce oil and gas output by 400,000 barrel per day in line with rivals. The largest oil companies have largely sought to protect investor payouts by increasing borrowing or cutting expenses. However, he conceded, "It’s going to be a very challenging summer."Įxxon's results echoed those of rivals Royal Dutch Shell and BP, though Chevron reported a first-quarter profit gain due to asset sales. Problem 31-7 (IAA) At year-end, Julie Company reported ending. "The long-term fundamentals that drive our business have not changed," said Chief Executive Officer Darren Woods. The amount of any reversal of inventory writedown shall be deducted from cost of goods sold. Oil giants largely have reported losses on weaker margins and writedowns from an oil glut that has sent prices to historic lows.Īll of Exxon's businesses posted lower year-over-year profits or wider losses on declining prices and margins.ĭespite a deep spending cut and its first quarterly loss since 1988, the company believes a growing global middle will ultimately lift demand. Global fuel demand has tumbled by a third on coronavirus-related lockdowns and business shutdowns. Although your inventory has a certain financial value right now. Part of making accurate financial projections includes making provision for inventory write-down or write-off. Exxon Mobil Corp on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown. As a small business owner, one of your biggest financial responsibilities involves ensuring that your business turns a growing profit.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |