US energy giant ExxonMobile announced its first quarter figures. The historical collapse of oil prices due to the Corona virus epidemic has also affected the financial situation of the company.
According to the news in Business Insider, ExxonMobile’s first quarter revenues were above the forecast, at $ 56.2 billion. However, this did not prevent the company from making a loss in a quarter for the first time since 1988.
The company, which announced a profit of 2.4 billion dollars in the first quarter of last year, has lost 610 million dollars in the first quarter of this year. After this news, the shares in the stock market fell by 2.6 percent.
CEO WOODS SPEAKS HOPE
“The Corona virus has affected short-term demand,” said ExxonMobile CEO Darren Woods. When the excess supply in the market is added to this, there has been an unprecedented pressure on prices. ”
“The economy will be revived,” Woods said optimistically speaking about the future. Living standards will increase. This will ensure that there is a re-demand for our products and the industry to recover ”.
Exxon was the company most affected by the drop in crude oil prices to negative on April 20. But recovery started. Crude oil prices rose 7.5 percent to $ 19.95 for June. Thus, the rise has continued since the bottom of the end of April.
EXPENDITURES SHAPED 10 BILLION DOLLARS
On April 7, ExxonMobile decided to cut 2020 spending by 30 percent, or $ 10 billion, to maintain its balance sheet and quarterly dividend. According to the company’s latest report, 87 cents will be paid per share in the second quarter.
