Fuel prices appear at an Exxon Mobil gas station in Arlington, Virginia, USA on Wednesday, April 29, 2020.
Andrew Harrer | Bloomberg | Getty Images
Exxon said Friday it lost $ 1.1 billion during the second quarter between “global impacts and COVID-related demand impacts.” It was the oil giant̵7;s second-quarter loss.
The company lost 70 cents a share on a regulated basis while revenue came in at $ 32.61 billion. In the same quarter a year ago, Exxon gained 73 cents a share, with revenue of $ 69.09 billion.
Analysts expected the company to report a loss of 61 cents per share for the second quarter, and revenue of $ 38.157 billion, according to Refinitiv estimates.
Exxon shares were down about 2% during pre-trading on Friday.
“Global pandemic conditions and oversupply significantly affected our second-quarter financial results with lower prices, margins and sales volumes,” Darren Woods, CEO of Exxon, said in a statement.
“We have increased the debt to a level that we think is appropriate to provide liquidity, given the market uncertainties. Based on current forecasts, we do not plan to take on any additional debt,” he added.
Equivalent oil production fell 7% from last year, and the company said average prices for crude oil and natural gas were “significantly lower” than in the same quarter a year earlier.
West Texas Intermediate, the U.S. oil standard, is falling more than 30% this year, which has forced energy companies to cut costs and, in some cases, cut their dividends.
But ahead of its quarterly results, Exxon reiterated once again that it has no plans to lower its dividend. The third-quarter dividend will be 87 cents, according to a company statement issued Wednesday.
In the first quarter, the oil giant lost $ 610 million due to $ 2.9 billion in discounts associated with falling oil prices. Exxon posted a GAAP loss of 14 cents per share, and a non-GAAP gain of 53 cents per share. Revenue fell to $ 56.16 billion.
Exxon shares have fallen 40% this year.
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