Exxon signals up to $20 billion writedown
The company failed to increase its dividend for the first time in decades
Stocks impacted: ExxonMobil (XOM)
Exxon confirmed it will take a writedown of as much as US$20 billion on its upstream assets, as the company, which is struggling to maintain a US$15 billion-a-year dividend program, indicated it incurred a fourth straight quarterly loss. Of note, Exxon failed to increase its dividend for the first time in decades. The oil giant expects higher prices will sequentially lift its oil and gas operating results by between $200 million and $1 billion. The write-down of mostly natural gas properties was previously estimated to be between $17 billion and $20 billion and the filing narrowed the range of the impairment charge.
Make profit on it right now!