Reducing losses Exxon to cut jobs to save dividend
PHOTO: AFP
Exxon Mobil Corp is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve an 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. It was unclear how extensive the cuts will be. The largest US oil company slashed this year’s budget by 30% in April, but Chief Executive Darren Woods’s turnaround through rebounding demand and increased asset sales have not panned out and losses are climbing. On Friday, Exxon is expected to report a $2.63 billion second-quarter loss, according to Refinitiv Eikon data, on sharply lower prices and weaker production, the first back-to-back quarterly losses in at least 36 years. Shares are down 35% so far this year as the coronavirus pandemic has crushed fuel demand.
Published in The Express Tribune, July 31st, 2020.
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