US oil giants cut output as Exxon Mobil reports 1st loss in decades

[turbinetree]

Published 2 hours ago on May 2, 2020
By Agence France-Presse

US oil giants Exxon Mobil and Chevron said Friday they were curtailing some production as they slash capital spending in response to an acute industry downturn in the wake of the coronavirus crisis.

Both US oil giants announced the belt-tightening moves as they reported first quarter results, a period that saw oil prices retreat, but which preceded the first-ever drop in US crude futures to negative territory in April.

Results are expected to be far worse in the second quarter.

Exxon Mobil — which reported its first quarterly loss in decades Friday — said it would curtail 400,000 barrels of oil-equivalent per day in the second quarter for “economic” reasons.

https://www.rawstory.com/2020/05/us-oil-giants-cut-output-as-exxon-mobil-reports-1st-loss-in-decades/


Hell those dividends are important specifically when you were part of the of the 1.5 trillion tax scam payout......since you base your market power on reserves.........what does your Russian partners say about all this, since your former boss gave them the information on horizontal drilling......... ...................

[raging moderate]

1. Trump and that Saudi prince slapped hands at a meeting, last year.

They both had huge predatory grins like co-conspirators who have just pulled off a huge win together. Some enterprising news photographer caught that strange moment on film. I keep thinking of that moment and wondering what they had just achieved together, and at whose expense.