ExxonMobil - Reports results for second quarter 2020
Exxon Mobil Corporation today announced an estimated second quarter 2020 loss of $1.1 billion, or $0.26 per share assuming dilution. Results included a positive noncash inventory valuation adjustment from rising commodity prices of $1.9 billion, or $0.44 per share assuming dilution. Capital and exploration expenditures were $5.3 billion, nearly $2 billion lower than first quarter reflecting previously announced spend reductions.
- Global oversupply and COVID-related demand impacts drive second quarter loss of $1.1 billion
- On track to meet or exceed 2020 capital and cash operating spend reduction targets
- Supporting COVID-19 response by reconfiguring operations to increase production of hand sanitizer and raw materials for protective equipment for first responders
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