ExxonMobil (XOM) Reports Q1 EPS of $0.53, reducing 2020 capital and operating spend

ExxonMobil (NYSE: XOM) reported Q1 EPS of $0.53, versus $0.55 reported last year. Revenue for the quarter came in at $56.16 billion versus the consensus estimate of $51.85 billion.

• ExxonMobil announced that it is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by 15 percent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Capital investments for 2020 are expected to be about $23 billion, down from the previously announced $33 billion. Reduced spending is being achieved through increased efficiencies, lower market prices, and slower project pace including the U.S. Permian Basin, Rovuma LNG in Mozambique, and expansions of downstream and chemical facilities. The 15 percent decrease in cash operating expenses is driven by increased efficiencies, reduced activity, and lower energy costs. ExxonMobil continues to monitor market developments and evaluate additional reduction steps.

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