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Yahoo BusinessOct 30, 2020
Exxon posts third straight loss as pandemic hits demand, prices
The largest U.S. oil producer by volume plans to cut its capital spending for 2021 to between $16 billion to $19 billion from a planned $23 billion this year. Exxon has not had writedowns in shale fields this year and has long said it believes demand will grow for its products as more people join the middle class globally. Exxon's third-quarter net loss was $680 million, or 15 cents per share, compared with a profit of $3.17 billion, or 75 cents per share, a year earlier.


Yahoo BusinessOct 30, 2020
Henry Kravis Says the Market Is Wilder Than at Any Time in His Career
(Bloomberg) -- Henry Kravis said there's more turmoil in the markets than any time in his half-century career as investors react to pandemic news."I've been investing for over 50 years, I don't remember a time when I've seen such volatility as we see today," Kravis, the co-founder of KKR & Co., said Friday on the Bloomberg Invest Talks webcast. "Just look at our markets in the U.S., we're up one day 300, 400 points and then the next day, for almost no reason, we're down 400 to 500 points."While he praised global stimulus efforts for keeping economies from collapse, he said markets remain unnerved by the Covid-19 pandemic, especially on the prospects for a vaccine. "Any news coming out of the pharmaceutical industry on progress with a therapeutic or with a vaccine is changing sympathy in the markets," he said.Stocks have been whipsawed this year, sinking into the fastest bear market on record in March before staging a rebound not seen in nine decades. The Cboe's volatility gauge has averaged 33 since the end of February, 14 points higher than the average over the prior 30 years.Wild swings were also a routine feature of the 2008 financial crisis. That year saw 42 days where the S&P 500 moved by more than 3%, compared with 28 days this year since the pandemic started roiling markets.In the midst of such turbulence, New York-based KKR has been among the most active dealmakers. It has invested more than $40 billion across various strategies this year."When we shut down our offices in

MarketWatch MarketPulseOct 30, 2020
Chevron swings to loss as coronavirus saps demand, oil prices fall
Chevron Corp. said Friday it had a net loss of $207 million, or 12 cents a share, in the third quarter, after posting income of $2.6 billion, or $1.36 a share, in the year-earlier period, hurt by low oil prices and weakened demand during the pandemic. The energy giant said it had adjusted per-share earnings of 11 cents, better than the FactSet consensus for a loss of 26 cents. Revenue came to $24.451 billion, down from $36.116 billion a year ago, and below the $25.837 billion FactSet consensus. "Third quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19," said Chief Executive Michael K. Wirth in a statement. "The world's economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity." The company's U.S. upstream earnings fell to $116 million from $727 million. The company's average sales price per barrel of crude oil fell to $31 from $47 a year ago. U.S. downstream operations posted earnings of $141 million, down from $389 million a year ago. Shares were up 0.6% premarket but have fallen 43% in the year to date, while the S&P 500 [s:spx] has gained 2.5%.

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Wall Street Journal US BusinessOct 30, 2020
Exxon Posts Third Consecutive Quarterly Loss for First Time
The Texas company also said it may write down the value of natural-gas assets worth as much as $30 billion, as the pandemic continues to pressure the world's biggest oil companies.

Yahoo BusinessOct 30, 2020
Exxon Warns of $30 Billion Shale Writedown Decade After XTO
(Bloomberg) -- Exxon Mobil Corp. warned it may take up to $30 billion in writedowns on natural gas fields acquired more than a decade ago, and reported a third straight quarterly loss.Exxon is confronting one of its biggest crises since Saudi Arabia began nationalizing its oilfields in the 1970s. If the company takes the full $30 billion impairment, it will be the industry's worst in more than a decade, according to Bloomberg data.The company lost $680 million, or 15 cents a share, during the third quarter, compared with the 25-cent per-share loss forecast in a Bloomberg survey of analysts. The shares fell 1.6% to $32.45 at 12:09 p.m. in New York and are down more than 50% for the year.That was in stark contrast to Chevron Corp., which disclosed a surprise profit as the company's oil-production and refining divisions outperformed analysts' expectations. Chevron's shares rose 1.1%. European supermajors Total SE, Royal Dutch Shell Plc and BP Plc also turned in better-than-expected third-quarter performances.Blindsided by the economic fallout from the Covid-19 pandemic, Exxon Chief Executive Officer Darren Woods abruptly ditched an ambitious rebuilding effort and imposed widespread job cuts that are unprecedented in Exxon's modern history. His top priority has been preserving a dividend that pays shareholders $3.7 billion every three months.The firings and layoffs announced Thursday will affect 14,000 workers in the U.S. and abroad. Pandemic-induced lockdowns have crushed demand for oil, natural gas and chemi
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