![]() Exxon announced 14,000 job cuts, delayed megaprojects from the Permian Basin to Mozambique, and has pledged to keep a tight rein on spending through the middle of this decade.Germany and Italy want clearer assurances from the EU that sales of new ICE cars can continue beyond 2035, if they run on CO2-neutral fuels. ConocoPhillips posted a third consecutive loss.Īs he begins his fifth year as CEO, Woods is taking an axe to capital spending and operating costs, all but abandoning his circa 2018 blueprint for expanding output while drilling and construction costs were low. Earlier Tuesday, BP Plc squeezed out a small profit that was a fraction of what the explorer earned in pre-pandemic days. Chevron disappointed investors at the end of last weak with a surprise loss grounded on weaker-than-expected refining margins. As recently as October, the company was still pledging to increase payouts, but that changed a month later when management dropped the word “growing” from its discussion of dividends.Įxxon isn’t alone in facing serious challenges even as commodities are on a tear. The company’s promise to “maintain” dividends on Tuesday cheered investors who had been worrying the oil titan might resort to a cut to shore up its cash position. ![]() about a megamerger, the Wall Street Journal reported Sunday. Such was the pressure exerted by last year’s price collapse that Exxon’s Chief Executive Officer Darren Woods held preliminary talks with his counterpart at Chevron Corp. Exxon hasn’t increased payouts since early 2019. In addition to growing criticism of its environmental record, financial performance has deteriorated. in New York.Įxxon is emerging from the wreckage of 2020 facing the worst crisis in its modern history. Still, the company assured investors it will maintain its $3.7 billion-a-quarter dividend, which is the third-largest in the S&P 500 Index. That compares with the Bloomberg Consensus estimate for a 2-cent profit.Ĭash flow from operations - a key gauge of corporate strength - shrank by almost 9% during the final three months of 2020 to $4 billion. natural gas and other assets, capping the first annual loss for the Western world’s largest oil company in at least four decades.Įxcluding the historic impairment, Exxon returned to profit in the fourth quarter, earning 3 cents per share, and ending a run of three consecutive quarterly losses. Copy link A decentered black square over a white square. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Facebook Messenger An icon of the Twitter app logo. ![]() ![]() Facebook Messenger An icon of the facebook messenger app logo. Loading Spinner An icon of a loading spinner. Success Tick Timeout An icon of a greyed out success tick. Information An icon of an information logo. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Video Camera An icon of a video camera shape. Previous An icon of an arrow pointing to the left. Notice An explanation mark centred inside a circle. Next An icon of an arrow pointing to the right. Hamburger Menu Icon An icon used to represent a collapsed menu. Search Icon A magnifying glass icon that is used to represent the function of searching. Magnifying Glass An icon of a magnifying glass. Comments An icon of a speech bubble, denoting user comments. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Breaking An icon of an exclamation mark on a circular background. Pause Icon A two-lined pause icon for stopping interactions. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Is Public An icon of a human eye and eyelashes. Telephone An icon of a traditional telephone receiver. Profile An icon that resembles human head and shoulders. Linked In An icon of the Linked In "in" mark. Facebook An icon of the Facebook "f" mark. Caret An icon of a block arrow pointing to the right. Cancel An icon of a circle with a diagonal line across.
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