Exxon Mobil Slips To Loss In Q1; Cuts 2020 Capital And Operating Spend

(RTTNews) - Exxon Mobil Corp. (XOM) posted a first-quarter loss, compared to profit last year, hurt by $2.9 billion noncash charge from market-related write-downs.

The company reported first quarter loss attributable to the company of $610 million or $0.14 per share, compared to earnings of $2.35 billion or $0.55 per share a year earlier. Analysts polled by Thomson Reuters expected the company to report break even per share. Analysts' estimates typically exclude special items. The latest-quarter results included a $2.9 billion charge from identified items, or $0.67 per share, reflecting non-cash inventory valuation impacts from lower commodity prices and asset impairments.

Total revenues and other income for the first-quarter declined to $56.16 billion from $63.62 billion last year. Analysts expected revenues of $51.85 billion for the quarter.

ExxonMobil is reducing 2020 capital spending by 30 percent and cash operating expenses by 15 percent. Capex is now expected to be approximately $23 billion for the year, down from the previously announced guidance of $33 billion.