Exxon Mobil warned investors of more losses during its second quarter results due to losses in refining, oil and gas production businesses
Exxon faces a loss for the quarter of $2.3 billion, or 57 cents per share, according to estimates from Refinitiv IBES. It would be the second this year after a $610 million first-quarter deficit. Results are due out July 31.
Exxon’s oil and gas operations will swing to a loss compared with the first quarter because of sharply lower prices. That drop reduced the unit’s operating profit by between $2.5 billion and $3.1 billion, the company said in its investor snapshot of operations. FILE PHOTO: An airplane comes in for a landing above an Exxon sign at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo
Exxon last quarter cut output by up to 400,000 barrels per day and capital spending by 30%, much of it in its shale business.
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