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    Asia Pacific upstream transactions plunge to lowest this century

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    Italy’s largest pipeline firm continues push into hydrogen tech

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    Korean bunkers tighten with cargo, barge constraints

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    Russia, Turkmenistan Join Forces to Improve Maritime Transport in the Caspian Sea

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    Venezuela resumes direct oil shipments to China despite U.S. sanctions

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    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

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    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

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    CNOOC Limited Announces Key Operational Statistics for Q1 2020

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    Renewables: Total Continues to Expand its Footprint in Southeast Asia in Distributed Solar

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    ExxonMobil earns $3.2 billion in third quarter 2019

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    BP to sell Alaska business to Hilcorp

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    SurfCleaner announces partnership with UltraTech International Inc., a leader in the environmental compliance industry

    SurfCleaner announces partnership with UltraTech International Inc., a leader in the environmental compliance industry

    Akselos and Shell sign framework agreement on digital twin technology

    Akselos and Shell sign framework agreement on digital twin technology

    Asia Pacific upstream transactions plunge to lowest this century

    Asia Pacific upstream transactions plunge to lowest this century

    Italy's largest pipeline firm continues push into hydrogen tech

    Italy’s largest pipeline firm continues push into hydrogen tech

    Korean bunkers tighten with cargo, barge constraints

    Korean bunkers tighten with cargo, barge constraints

    Russia, Turkmenistan Join Forces to Improve Maritime Transport in the Caspian Sea

    Russia, Turkmenistan Join Forces to Improve Maritime Transport in the Caspian Sea

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    Venezuela resumes direct oil shipments to China despite U.S. sanctions

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    Global oil and gas projects pipeline at US$4 trn

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Fugro to offer positioning services for Petronas Suriname drilling campaign

    Fugro to offer positioning services for Petronas Suriname drilling campaign

    Siemens Energy partners with ProFlex Technologies to provide IoT-based pipeline leak detection

    Siemens Energy partners with ProFlex Technologies to provide IoT-based pipeline leak detection

    Digital technologies boosts earnings at Johan Sverdrup

    Digital technologies boosts earnings at Johan Sverdrup

    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

    ADNOC announces major rig fleet expansion program

    ADNOC invests $245 million to upgrade main oil lines and Jebel Dhanna Terminal

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil announces Redtail discovery offshore

    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco discovers two new oil and gas fields in northern Saudi Arabia

    Ampelmann and Olympic Shipping join forces in project for Ithaca Energy in the North Sea

    Faltering oil demand puts new pressure on OPEC+ production agreements

    Siemens to explore leveraging wind power for hydrogen production

  • Market Reports
    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    Aramco announces second quarter and half-year 2020 results

    bp agrees to sell its petrochemicals business to INEOS

    bp agrees to sell its petrochemicals business to INEOS

    Empire Pipeline Acquires Gibson Terminal In Terrebonne Parish, Louisiana

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    Renewables: Total Continues to Expand its Footprint in Southeast Asia in Distributed Solar

    Renewables: Total Continues to Expand its Footprint in Southeast Asia in Distributed Solar

    ExxonMobil earns $3.2 billion in third quarter 2019

    ExxonMobil earns $3.2 billion in third quarter 2019

    BP to sell Alaska business to Hilcorp

    BP to sell Alaska business to Hilcorp

    Exxon Mobil Second Quarter 2019

    ExxonMobil Earns $3.1 Billion in Second Quarter 2019

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Exxon posts deepest-ever loss as Covid-19 destroys global oil demand

venkat by venkat
August 14, 2020
in Downstream, News
0
Exxon posts deepest-ever loss as Covid-19 destroys global oil demand

Exxon Mobil posted its worst loss in its modern history after the pandemic slammed headlong into a global crude glut to savage almost every part of the oil giant’s business.

The disastrous collapse in crude prices bled Exxon’s production division while Covid-19 lockdowns strangled demand for everything from jet fuel to plastic wrap, hobbling the company’s sprawling refining and chemical units.

Exxon’s woes are emblematic of the broader threats menacing the petroleum industry in what is turning out to be the deepest crisis of its 161-year history. International titans that raked in record-breaking profits during the first decade of the century have now been reduced to widespread job cuts, belt tightening and heavy borrowing to cover dividends and other outlays.

Exxon’s 26-cents per-share loss was better than the 64-cent average loss from analysts in a Bloomberg survey. Earlier on Friday, Chevron Corp. posted its worst quarterly loss in at least three decades and warned that the pandemic may continue to drag on earnings.

Downstream Disaster

The worst-ever crude crash came at a vulnerable time for Exxon because it had just embarked on an aggressive, multibillion-dollar rebuilding program. Two straight quarterly losses, combined with almost $15 billion in annual dividend commitments, will translate into what Goldman Sachs Group Inc. analysts warned will be an unprecedented debt load.

After slashing $10 billion in capital spending and freezing dividends, Chief Executive Officer Darren Woods may be running out of levers to pull. The company is cutting between 5% to 10% of its U.S. employees that are subject to performance evaluations, people familiar with the matter told Bloomberg News in June.

 

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