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Exxon Mobil Corp. took a $2.9 billion writedown in the first quarter, resulting in a $610 million loss.
The Irving, Texas-based integrated oil company lost 14 cents a share as revenue fell 12 percent from a year ago to $56.16 billion. Wall Street analysts surveyed by Refintiv were expecting flat earnings on revenue of $51.85 billion.
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Exxon last month announced it would slash capital expenditures by 30 percent and reduce operating expenses by 15 percent in order to protect its 87-cent per share dividend.
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“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” Exxon Mobil CEO Darren Woods said in a statement.
Rival Chevron has promised its dividend is safe as well.
This story is developing. Check back for updates.