Awww!! Poor Exxon!! Their First Quarterly Loss Since 1988!!

[hatrack]

The biggest U.S. oil producers reported historic losses last week and predicted that it could take months to recover as the coronavirus pandemic continues to sweep through the world's economy.

Exxon Mobil Corp.'s $610 million haircut was its first quarterly loss since at least 1988, a decade before the merger that made it the biggest oil company in the country. ConocoPhillips also lost $1.7 billion in the first three months of the year. Chevron Corp., the second-largest producer, reported a $3.6 billion net profit partly because of improved finances at its refineries but warned it would be cutting production in the Permian Basin.

The companies' comments during calls with stock analysts cemented a consensus that the pandemic will have a longer-term impact on the oil industry than previously expected. "We've never seen anything like what the world is experiencing today," Exxon CEO Darren Woods said.

EDIT

Together, the three American companies have already announced billions of dollars in spending cuts, and they plan to slow down their oil production starting this month. The biggest impact is likely to be in the Permian Basin, where the majors have invested heavily for the last few years. Chevron plans to curtail its Permian production by 125,000 barrels a day, and Exxon will shut down 75% of its drilling rigs in the basin by the end of the year.

ConocoPhillips plans to go even further, cutting production 460,000 barrels a day by June across Alaska, the rest of the United States and Canada.

EDIT

https://www.eenews.net/energywire/stories/1063041497

[Magoo48]

1. May their losses double every quarter...

[UncleTomsEvilBrother]

2. One would think that...

...the oil execs would be donating BILLION$ for the development of tests and vaccines since social distancing is hurting their bottom line.

I bet those oil execs are sitting on that cash, though.