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Dec. 31, 2020, 6:38 a.m. EST

Exxon Mobil expects to take up to $20 billion writedown in Q4

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By Ciara Linnane

Exxon Mobil Inc. /zigman2/quotes/204455864/composite XOM +0.22% 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. In a regulatory filing, 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 /zigman2/quotes/210598065/realtime DJIA -0.89% has gained 6.6% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.10% has gained 15.5%.

/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 73.27
+0.16 +0.22%
Volume: 26.75M
Jan. 20, 2022 4:03p
P/E Ratio
N/A
Dividend Yield
4.80%
Market Cap
$309.52 billion
Rev. per Employee
$3.40M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,715.39
-313.26 -0.89%
Volume: 369.07M
Jan. 20, 2022 4:55p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,482.73
-50.03 -1.10%
Volume: 2.54B
Jan. 20, 2022 4:55p
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