FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young
While smaller than the up to $30 billion charge the company forecast a month ago, the quarterly charge to earnings reflects the company’s recent reduction in its outlook for oil and gas prices. The impairment charge “further worsens the company’s already substantial jump in financial leverage,” said Pete Speer, senior analyst at Moody’s Investors Service. “With this charge added to the big rise in debt this year, we see ExxonMobil’s debt/capitalization rising to nearly 30%, from just over 20% at the start of 2020.”
Long love the giant Dingum erected in favor of the oil Exxon
Ouch
Big Oil and Climate Crisis are the new Big Tobacco and Cancer. ExxonKnew
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