cut spending aggressively in the third quarter in a race to offset weak trends in fuel demand caused by the COVID-19 pandemic, though the former managed a slim profit.Exxon posted its third straight quarter of losses on Friday and reduced spending plans for the coming year.
The outlook for energy consumption “depends on when the world - this country and other countries - get control of the pandemic and those activities resume. We don’t know when that’s going to be,” said Chevron Chief Financial Officer Pierre Breber. Exxon came into the year with an ambitious spending plan driven by investments in shale and offshore discoveries, particularly off the coast of Guyana. It originally planned to spend $33 billion in capital and exploration investment in 2020, though through three quarters it has instead spent just $16.6 billion.Now, however, it is focused on preserving its dividend.
Next year, the largest U.S. oil producer said capital spending would be between $16 billion to $19 billion, versus an adjusted plan to spend around $23 billion this year.
Burn the CEO empires to the ground
'If THE LORD abandons you, you cannot Survive because HE is the sustainer of life. CHRIST JESUS Is the Only MEDIATOR between Mankind and GOD. ExpressFridayVigil
Let’s hope the demand drops to the point that Exxon gives up ALL foreign ownerships & RETURN the NATURAL RESOURCES back to the countries.
정신병을 치유한 예수님의 사랑입니다. 병원은 치유할 수 없지만 예수님의 보혈과 인자하고 긍휼하신 마음은 정신병 환자를 치유합니다. ExpressFridayVigil
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What's going on in the fossil fuel industry? What's the matter with e.g. ExxonMobil & Shell? Why are businesses harmed & how is this related to cost structure, the tradewar & covid19? 👇 $XOM $RDSA business management strategy fossilfuels
Marathon
Welcome to the real world Exxon... 🤨
Might want to look in your 401ks btw.. Odds are there’s some XOM (and other energy companies) in there. Then go look at all the products we use everyday that oil is part of the process...
thanks for this news
Good.
The face is evil.
tj14vill
What's going on in the fossil fuel industry? What's the matter with e.g. ExxonMobil & Shell? Why are businesses harmed & how is this related to cost structure, the tradewar & covid19? 👇 $XOM $RDSA business management strategy fossilfuels
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