Exxon signals quarterly profit despite Texas freeze
The company doesn’t plan another major set of layoffs this year
Stocks impacted: Exxon Mobil Corp (XOM)
The oil giant could post its first profit in five quarters on improved results across its businesses. The company expects its first-quarter earnings to be reduced by as much as $800 million due to the deep freeze in Texas. Higher oil and gas prices are providing a lift of as much as $2.7 billion, being partly offset by costs from a February deep freeze. Exxon's chemicals operation, its only business to eke out a profit for 2020, could get a $600 million boost over fourth-quarter results on better margins. The company also highlighted that it doesn’t plan another major set of layoffs. Furthermore, Exxon expects to restore its contribution to the U.S. employee retirement savings plan this year. Official quarterly results are scheduled to be released on April 29.
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