Exxon Mobil reports $610 mn loss on hit from low oil prices

Exxon Mobil reports $610 mn loss on hit from low oil prices

New York (AFP) – Exxon Mobil reported a loss Friday of $610 million in the first quarter as it moved to cut spending in the wake of crashing commodity prices due to the coronavirus crisis.The oil giant reduced capital spending by 30 percent to around $23 billion for 2020 and will trim operating expenses by 15 percent, said the company, which maintained its dividend earlier this week.The first quarter loss compared with $2.4 billion in profits in the year-ago period. Revenues fell 11.7 percent to $56.2 billion.The loss included $2.9 billion in non-cash costs on inventory and assets because of l…

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