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Exxon Q2 loss $1.1 billion

Christian Fernsby ▼ | July 31, 2020
Exxon Mobil on Friday reported a $1.1 billion second quarter loss.
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Exxon   It will not take on more debt and sees spending cuts
It plans both capital and operating expense cuts to defend its dividend, Chapman said on a call with analysts, adding that investors “come to view that dividend as a source of stability in their income.”

Topics: Exxon

It will not take on more debt and sees spending cuts as short term “to manage the current situation,” Chapman said.

Exxon’s oil and gas production business fell to a loss and its refining unit was hit by lower demand and weaker prices.

The U.S. oil major reported a loss of $1.08 billion compared with a profit of $3.13 billion a year earlier. Excluding inventory adjustments, the loss would have been $3 billion, it said.


 

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