ExxonMobil tumbles after oil-market chaos drives first quarterly earnings loss since 1988 | Markets Insider

announced first-quarter earnings on Friday that slipped below analysts' breakeven forecasts and detailed the firm's hit from recent oil-price pressure.

The energy giant said the coronavirus' impact on oil demand prompted its first quarterly loss in 32 years and will remain a significant drag on performance. Revenue landed above analyst forecasts for the quarter.$56.2 billion, versus the $51.9 billion estimateRead more: Quant megafund AQR explains why investors should be more worried about prolonged slumps than virus-style crashes — and details a 3-part process for protecting against them

"COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins," CEO Darren Woods said in the report."Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry."slide to negative prices on April 20. WTI contracts for June delivery leaped 7.5% to $19.

The company cut 2020 spending by 30%, or roughly $10 billion, on April 7 to protect its balance sheet and quarterly dividend. Exxon plans to pay an 87 cent-per-share dividend in the second quarter, according to its Friday report.The company has three"buy" ratings, 18"hold" ratings, and seven"sell" ratings from analysts, according to Bloomberg data.

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