Exxon Mobil expects its oil, gas and refining business to see operating losses in the second quarter of the year, paving the way for a new quarterly loss this year.
According to Reuters, Exxon faces a quarterly loss of $ 2.3 billion, equivalent to 57 cents per share, according to estimates from Refinitiv IBS. This will be the second loss this year after incurring $ 610 million in the first quarter. The results are released on July 31.
Exxon notice does not indicate an asset devaluation. Shell revealed a devaluation of up to $ 22 billion and BP a reduction of up to $ 17.5 billion.
The second quarter will be bleak for all companies due to lower oil and gas prices and refining and production margins.
Exxon had cut production by up to 400,000 bpd in the past quarter and had reduced capital spending by 30 percent, and much of that had been concentrated in shale oil activity. p>
