Exxon Stays Confident Despite Dreary 2Q Results -- Market Talk
Dow Jones
Exxon Mobil remains hopeful things will improve even after missing earnings expectations with 2Q losses north of $1B, revenue of $32.6B that was $6B less than analyst forecasts, and a 10% quarter-on-quarter cut in production as coronavirus killed demand. "The company had effectively zero operating cash flow and nearly $9B of negative free cash flow," says Moody's senior vice president Pete Speer, though he adds: "With recovery in oil prices and refined products demand, operating costs and capital cuts, and an increased cash balance following debt issuances in the first half of 2020, management expressed confidence that ExxonMobil can avoid further increases in debt."