US oil corporation Exxon Mobil has reported a loss of $610 million in Q1 amid the oil prices' collapse due to the COVID-19 pandemic, compared to $2.35 billion in profits over the same period last year, the company said in a press release on Friday
MOSCOW (Pakistan Point News / Sputnik - 01st May, 2020) US oil corporation Exxon Mobil has reported a loss of $610 million in Q1 amid the oil prices' collapse due to the COVID-19 pandemic, compared to $2.35 billion in profits over the same period last year, the company said in a press release on Friday.
"Exxon Mobil Corporation today announced an estimated first quarter 2020 loss of $610 million, or $0.14 per share assuming dilution, compared with earnings of $2.4 billion a year earlier," the statement read.
Exxon Mobil's revenues declined by 11.7 percent, falling to $56.158 billion in the given period.
"COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins. While we manage through these challenging times, we are not losing sight of the long-term fundamentals that drive our business. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry," the company's CEO, Darren Woods, said as cited in the statement.
The oil market hit negative values for the first time in history in mid-April due to numerous restrictive measures and lockdowns, which halted many industries across the world, significantly lowering demand for fuel.
