Exxon Mobil (NYSE:XOM) reported its third straight quarter of losses on Friday as depressed oil demand sparked by the coronavirus pandemic weighed on the company’s operations.
During the third quarter the company lost $680 million, although Exxon said results improved on a quarter-over-quarter basis thanks to “early stages of demand recovery.”
On an adjusted basis, Exxon lost 18 cents per share during the third quarter while generating $46.2 billion in revenue. Wall Street was expecting a 25-cent loss per share and $46.01 billion in revenue, according to estimates.
During last year’s Q3, the company earned 75 cents per share on $65.05 billion in revenue. During the second quarter of 2020 Exxon lost 70 cents per share on an adjusted basis, while revenue came in at $32.61 billion.
"We remain confident in our long-term strategy and the fundamentals of our business, and are taking the necessary actions to preserve value while protecting the balance sheet and dividend," said CEO Darren Woods.
"We are on pace to achieve our 2020 cost-reduction targets and are progressing additional savings next year as we manage through this unprecedented down cycle."
Exxon previously announced a reduction in its capital spending program — from $33 billion to $23 billion — and the company said it’s ahead of schedule due to increased efficiencies and a slower project pace, among other things. The company is targeting between $16 billion and $19 billion for its 2021 capital program.
XOM shares lost 20 cents to $32.77.
