Exxon Mobil Corporation (XOM)

[Almosthere]

“The coronavirus pandemic and the oil price war that has destroyed demand for crude oil and eaten into profit margins for that reduced demand, and it has attempted to tighten its belt in response.

In Q1, Exxon swung to a $640 million loss—its first loss in a decade after a $2.9 billion market-related charge. It also cut 2020 capex by a staggering $10 billion—a 30% cut. It has also cut its production from the Liza field in Guyana, although that was related to the risk of excessive flaring and not the coronavirus or prices.

In addition to offloading some lower-performing employees, the oil giant is preparing to rid itself of its UK North Sea assets, for which it can no longer expect as much money thanks to the downturn.”