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Exxon Mobil reports mixed quarterly earnings


The company’s stocks slumped nearly 5% after the announcement of billions in write-downs of its assets because of low prices

Stocks impacted: Exxon Mobil Corp. (XOM)

The oil giant lost $610 million in the first quarter due to $2.9 billion in writedowns, its first loss in decades amid falling oil prices. Revenue fell to $56.16 billion from $63.63 billion a year ago. The company reduced its 2020 capital spending by 30% to $23 billion, and its operating expenses by 15%. Exxon’s oil-equivalent production in the first quarter rose 2% year-over-year to 4 million barrels per day. At the same time, the oil producer said it plans to cut output by 400,000 oil-equivalent barrels per day, citing economic shut-ins and market curtailments as a result of COVID-19. The company’s stocks slumped nearly 5% after the report. Exxon Mobil shares are down 33% from the beginning of the year.

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