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