Monday, January 25, 2021

Tag: Exxon Reports First Quarterly Loss In 32 Years

Exxon Reports First Quarterly Loss In 32 Years

from ZeroHedge:

The energy industry is truly reeling.

One day after Shell unexpectedly cut its dividend for the first time since WWII, supermajor Exxon Mobil reported its first quarterly loss in 32 years amid a glut of oil, a global recession, and a pandemic that has forced billions of people to stay indoors instead of driving, destroying petroleum demand.

The company reported a $610 million loss for the quarter ending March 31, equivalent to a 14c loss per share in 1Q versus earnings per share estimates of around 55c Y/Y.  First-quarter results are a reminder that the worst has yet to come, as lockdowns only began around mid-month, so the quarter only captured about 15 days or so of demand destruction.