Exxon Mobil Reports A Third Disappointing Earnings Quarter in a Row, Revenue is Down Nearly 30%

Earnings results of Exxon Mobil

Source: Dreamstime

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On Friday, shares of the multinational oil and gas company declined by 1% (53% so far in 2020) due to hindered performance, caused by crashing oil demand across the globe.

The coronavirus was anything but kind to Exxon Mobil. The company, which was removed from the US30 in August, has lost $680 million during its latest quarter, despite its executives stating that quarter-over-quarter results are, in fact, improving, as the market is showing signs of “early stages of [oil] demand recovery”

 

“We remain confident in our long-term strategy and the fundamentals of our business and are taking the necessary actions to preserve value while protecting the balance sheet and dividend. We are on pace to achieve our 2020 cost-reduction targets and are progressing additional savings next year as we manage through this unprecedented down cycle.”

Darren Woods, Chairman and CEO of Exxon Mobil

 

Here are the main financial highlights from Exxon Mobil’s Q3 2020 earnings release:

Total revenue: $46.2 billion versus expectations for $46.1 billion.

Earnings per share: a loss of 18 cents versus expectations for a loss of 25 cents.

Layoffs: on Thursday, the board executives made the call to lay off about 1900 employees in the U.S., with the expectations being to cut about 15% of its international workforce.

Capital spending: Exxon had previously announced that it will curb its capital spending program from $33 billion to $23 billion, noting that it is ahead of schedule thanks to improved efficiency. For 2021, the company expects its spending to range between $16 billion and $19 billion.


Upcoming reports

See the full list of upcoming earnings reports for 9 – 13 November in the tables below.

Monday, November 9th 2020

Country of originCompany nameFiscal period
USABeyond Meat IncQ3 2020
CanadaTilray IncQ3 2020
USAOccidental Petroleum Corp
Q3 2020
CanadaCanopy Growth Corp
Q2 2021
USAMcdonald's Corp
Q3 2020
ItalyFinecoBank Banca Fineco SpA
Q3 2020
GermanyInfineon Technologies AG
Q4 2020
JapanSoftBank Group Corp
Q2 2021
JapanMazda Motor Corp
Q2 2021

Tuesday, November 10th 2020

Country of originCompany nameFiscal period
USALyft Inc
Q3 2020
ChinaTencent Music Entertainment Group
Q3 2020
FranceAlstom SA
Half year 2021
ItalyTelecom Italia SpA
Q3 2020
USAD.R. Horton Inc
Q4 2020
ItalyBanca Mediolanum SpA
Q3 2020
JapanKajima Corp
Q2 2021
GermanyJenoptik AG
Q3 2020
ItalyMediaset SpA
Q3 2020
IrelandExperian PLC
Half year 2021
United KingdomLand Securities Group PLC
Half year 2021
Germany1&1 Drillisch AG
Q3 2020
GermanyHeidelberger Druckmaschinen AG
Q2 2021
GermanyPorsche Automobil Holding SE
Q3 2020
United KingdomVodafone Group PLC
Half year 2021
United KingdomElectrocomponents PLC
Half year 2021
GermanyHenkel AG & Co KgaA
Q3 2020
GermanyAdidas AG
Q3 2020
Austriavoestalpine AG
Half year 2021
JapanDeNA Co Ltd
Q2 2021
NorwayNorwegian Air Shuttle ASA
Q3 2020
GermanyDeutsche Post AG
Q3 2020

Wednesday, November 11th 2020

Country of originCompany nameFiscal period
ItalyTerna Rete Elettrica Nazionale SpA
Q3 2020
USAHillenbrand Inc
Q4 2020
United KingdomGreat Portland Estates PLC
Half year 2021
GermanyContinental AG
Q3 2020
GermanyLeoni AG
Q3 2020
United KingdomTalktalk Telecom Group PLC
Interim report for 2021
GermanyE.ON SE
Q3 2020
Kingdom of the NetherlandsABN Amro Bank NV
Q3 2020
JapanToshiba Corp
Q2 2021

Thursday, November 12th 2020

Country of originCompany nameFiscal period
USAApplied Materials Inc
Q4 2020
USACisco Systems Inc
Q1 2021
USAWalt Disney Co
Q4 2020
JapanMarui Group Co Ltd
Q2 2021
TaiwanHimax Technologies Inc
Q3 2020
United KingdomNational Grid PLC
Half year 2021
United Kingdom3i Group PLC
Half year 2021
GermanyFielmann AG
Q3 2020
GermanySGL Carbon SE
Q3 2020
GermanyEvotec SE
Q3 2020
GermanyAareal Bank AG
Q3 2020
GermanySiemens AG
Full year 2020
GermanyDeutsche Telekom AG
Q3 2020
United KingdomSubsea 7 SA
Q3 2020
United KingdomWH Smith PLC
Full year 2020
United KingdomBurberry Group PLC
Interim report for 2021
United KingdomFirstGroup PLC
Half year 2021
AustriaRaiffeisen Bank International AG
Q3 2020
GermanyBilfinger SE
Q3 2020
BelgiumKBC Groep NV
Q3 2020
GermanyMerck KGaA
Q3 2020
GermanyRWE AG
Q3 2020
GermanyK&S AG
Q3 2020
SwitzerlandZurich Insurance Group AG
Q3 2020

Friday, November 13th 2020

Country of originCompany nameFiscal period
ChinaJD.Com Inc
Q3 2020
GermanyDeutsche Wohnen SE
Q3 2020
SingaporeBW LPG Ltd
Q3 2020
GermanySalzgitter AG
Q3 2020
JapanOlympus Corp
Q2 2021
JapanYokohama Rubber Co Ltd
Q3 2020

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