Exxon Mobil is warning investors of more huge losses to come. The energy giant signaled Thursday it will slide into the red again when it posts its second quarter results.
In a filing, Exxon Mobil said sharply lower crude prices will wipe out billions in operating profit.
It also warned that refining results will plunge by around $1 billion compared with the first quarter.
Oil prices have plunged 35% since January. The pandemic has crushed demand, and the global glut has forced the industry to cut production.
Refnitiv IBES sees Exxon Mobil losing $2.3 billion in the latest quarter.
But Exxon will have company. Edward Jones says the second quarter for all energy companies will be “dismal” due to oil and gas prices, refining margins and production. Rivals Royal Dutch Shell and BP have said they’ll massively cut spending and take write downs.
Exxon Mobil shares, which have tumbled 36% this year, rose in early trading Thursday.