Narrower-than-expected Q3 figures for Exxon Mobile

By: Miguel A. Rodriguez

14:54, 02 November 2020

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Exxon lost $680 million due to the pandemic

Exxon Mobil Corporation – one of the world's largest oil companies, posted its Q3 figures, and the results showed the pandemic's impact on the business.

The company reported a loss per share of $0.18, coming below the $0.28 consensus. However, during the same quarter last year, Exxon had an EPS of $0.68. Overall, the company had losses of $680 million.

Compared to last year's $65.04 million, this Q3 revenue figures came in at $46.19 million. The result was below the $49.47 million forecasted.

To keep itself afloat, the company is looking to cut 1,900 jobs, especially at Houston offices. The decision is aimed to combat the pandemic's effects, primarily the low oil demand.

Exxon's cash flow almost halved from last year's figures, generating $4.5 billion from asset divestments and operations.

For the future, Exxon expects its capital program for 2021 to reach $16 billion, with a high of $19 billion, but lower than this year's $23 billion.

Following the report, Exxon stock price fell 2.12%.

Read how other behemoth companies have performed in Q3 here!

Sources: finance.yahoo.com, thestreet.com

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This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided.