Exxon Mobil Indicates Up to $20 Billion Writedown That Will Overshadow Q4 Operating Results

Reuters | |

Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset write down.

The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that collided with a downturn in fuel demand and prices. It faces a proxy fight next year by an activist investor calling for deeper cuts, new directors and a refocusing on cleaner fuels.

Halliburton Posts Third Consecutive Quarterly Loss Amid Slump in Oil Prices

Reuters | |

Oilfield services giant Halliburton Co posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and the resulting collapse in drilling by North American customers.

Demand for drilling services and oilfield equipment offered by Halliburton and rivals Schlumberger and Baker Hughes sank after oil prices collapsed in March. U.S. crude futures were trading around $40 per ba...

Occidental Petroleum Posts $2.2 Billion Loss in First Quarter, Cuts Budget Again

Reuters | |

HOUSTON (Reuters) - Occidental Petroleum Corp on Tuesday swung to a first quarter loss on writedowns and charges, and the troubled U.S. oil producer cut its budget for the third time since March in response to a historic oil-price crash. The company has been struggling with debt taken on in last year’s $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on rising shale oil prices ahead of a market dive. Global energy demand has tumbled amid coronavirus-related travel and business...

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