Exxon Mobil reports big net loss and downsizes

The US oil and gas supermajor presents a third quarter report surpassing analysts' projections – but still incurs a net loss of USD 680 million, due to the pandemic-related drop in fuel demand. Now the group plans to shave its investment budget and lay off staff.

Photo: Brendan Mcdermid/Reuters/Ritzau Scanpix

Quite a few eyebrows were raised when news emerged earlier this week that Exxon Mobil is planning to lay off around 14,000 personnel in order to defend its shareholder dividend.

This dilemma is a fine illustration of the state of affairs at the oil company, once the world's highest valued. In the third quarter interim statement published Friday, the US-based fossil giant books its third consecutive deficit – but still maintains its dividend at USD 0.87 per share ahead of time for this year's fourth quarter.

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