1:38 a.m. Dec. 31, 2020
- By Ciara Linnane
Exxon Mobil expects to take up to $20 billion writedown in Q4Exxon Mobil Inc. said it expects higher oil and gas and chemical prices to boost fourth-quarter earnings, but it is also expecting to write down $18 to $20 billion of upstream assets. the oil giant said chemical margins would improve by $200 million to $400 million from the third quarter, while downstream margins would range from down $100 million to up $100 million. Changes in liquids prices would boost upstream earnings by up to $400 million from the third quarter. Exxon has posted losses for three straight quarters, battered by weak oil and gas prices, a slump in demand caused by the coronavirus pandemic and a big natural gas play in the acquisition of shale producer XTO Energy that has proven to be badly-timed. The company will report fourth-quarter earnings on Feb. 2. Shares were up 0.8% premarket, but have fallen 42% in the year to date, while the Dow Jones Industrial Average has gained 6.6% and the S&P 500 has gained 15.5%.
5:32 a.m. June 30, 2020
- By Christopher M. Matthews
Exxon Mobil resists write-downs as oil, gas prices plummet Some accountants have filed an SEC complaint saying the company should write down the value of shale driller XTO EnergyAs its peers write down U.S. shale assets by billions of dollars amid lower oil and gas prices, Exxon Mobil Corp. stands increasingly alone in not adjusting the value of its holdings.