Catch up on the developing stories making headlines.NEW YORK -- Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtailed travel and crippled global economic activity.
Already struggling with weak prices from oversupply, the pandemic has intensified the pain for oil and gas companies. The price of U.S. benchmark crude has fallen 40% since the start of the year. The cost for a barrel of oil tumbled 10% just this week as coronavirus infections surged in the U.S. and abroad.A day after announcing 1,900 job cuts, Exxon said on Friday that it plans to cut 15% of its global workforce by the end of next year, about 11,250 jobs.
Those planned reductions might not be enough to appease some investors. Exxon was the only one of the super-majors to post a loss this quarter, and is behind its peers in cost-cutting, said Jennifer Rowland, senior analyst at Edward Jones. “Everyone else either stayed in the black or got back into the black from the abyss of the second quarter. I think it’s telling that they’re the only ones still running in the red.
“Our objective is to maintain the dividend, advance the highest value investments, and maintain the debt at a cost- competitive level,” Swiger said.
They will have to up prices to make up for their losses.
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