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Chevron reports $8.3 Billion Loss for Second Quarter
Posted on 7/31/20 at 10:03 am
Posted on 7/31/20 at 10:03 am
Chevron and ExxonMobil both with large losses. ExxonMobil reports $1.1 billion dollar loss, but that seems small compared to Chevron.
This post was edited on 7/31/20 at 10:10 am
5
Posted on 7/31/20 at 10:09 am to Ramblin Wreck
And added more debt with noble
Posted on 7/31/20 at 10:39 am to Ramblin Wreck
quote:The loss resulted from a write down in the market value of XOM's oil reserve's assets.
ExxonMobil reports $1.1 billion dollar loss,
IOW, it was a non-cash loss. Cash flow remains strong.
Posted on 7/31/20 at 10:59 am to Ramblin Wreck
Posted on 7/31/20 at 11:01 am to LSURussian
I don’t think that is true for XOM.
This post was edited on 7/31/20 at 11:07 am
Posted on 7/31/20 at 11:22 am to C
quote:
CONTEXT NEWS
- Exxon Mobil on July 31 reported a second-quarter loss of $1.1 billion, or 26 cents a share. Excluding a $1.9 billion non-cash gain from rising commodity prices, the loss was 70 cents a share, compared to the mean estimate of sell-side analysts for a loss of 56 cents a share, according to Refinitiv data.
- Revenue of just under $33 billion was 53% lower than the same period last year. Analysts on average had estimated just over $38 billion.
- On the same day Chevron reported results for the three months to the end of June. It lost $8.3 billion, or $4.44 a share. Adjusted to exclude the write-down of its Venezuela business, downward revisions in its commodity price outlook, severance costs and the sale of an asset in Azerbaijan, the company lost $3 billion, or $1.59 a share. That compares with the mean estimate of sell-side analysts for a loss of 92 cents a share.
- Revenue of $13.5 billion was 65% lower than last year’s second quarter; the mean estimate was for $22 billion.
- ConocoPhillips on July 30 reported second-quarter earnings of $260 million, or 24 cents a share, thanks to gains from an asset sale and its equity stake in Canadian producer Cenovus Energy. Excluding these items the company lost almost $1 billion, or 92 cents a share. The mean estimate of sell-side analysts was for a loss of 58 cents a share.
Posted on 7/31/20 at 11:29 am to LSUBanker
But they do...and they’re the ones writing it off
I was just talking about this scene the other day with my uncle
I was just talking about this scene the other day with my uncle
Posted on 7/31/20 at 11:46 am to LSURussian
I still don't understood how Exxon is going to sustain their dividend payments for much longer with this market
Posted on 7/31/20 at 11:49 am to notiger1997
They’ll be fine at 40-50 range. 3Q will be profitable at current prices.
Posted on 7/31/20 at 12:08 pm to C
quote:You're right.
I don’t think that is true for XOM.
I read a paragraph describing XOM's results and got to a line about halfway down the article that described the reserve write down this quarter and didn't notice that the reporter had switched companies and was referring to Chevron's write downs in the XOM article.
XOM had no write downs this quarter. My bad.
This post was edited on 7/31/20 at 1:12 pm
Posted on 7/31/20 at 12:20 pm to Ramblin Wreck
time to lay more whitey off
Posted on 8/1/20 at 10:31 am to Ramblin Wreck
whats the dividend on Chevron and Exxon anyone know?
Posted on 8/1/20 at 3:40 pm to Double Oh
$0.87 a share payable on September 10
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