IRVING, Texas (AP) - Exxon Mobil Corp. (XOM) on Friday reported a second-quarter loss of $1.08 billion, after reporting a profit in the same period a year earlier.
On a per-share basis, the Irving, Texas-based company said it had a loss of 26 cents. Losses, adjusted for non-recurring gains, were 70 cents per share.
The results fell short of Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales.
The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 63 cents per share.
The oil and natural gas company posted revenue of $32.6 billion in the period, which also missed Street forecasts.
Three analysts surveyed by Zacks expected $36.08 billion.
Exxon shares have fallen 40% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat.
The stock has dropped 44% in the last 12 months.
https://www.kwtx.com/2020/07/31/exxon-mobil-reports-q2-loss-of-108-billion/
2020-07-31 19:02:00Z
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