Big Oil Earnings Battered By Virus, But Worst is Yet to Come - Bloomberg:
Big Oil emerged from first-quarter earnings battered and bruised, but things are only going to get uglier.
Major oil and gas producers from Norway to the U.S. saw profit plunge in the opening three months of the year. Exxon Mobil Corp. reported its first loss in over 30 years, Royal Dutch Shell Plc cut its dividend for the first time since the Second World War.
And that was only the result of the initial spread of the coronavirus. Things have got even worse since as a global pandemic caused an unprecedented oil-market slump. There are some signs of recovery on the horizon, but companies were united in their warnings that the current quarter will be tougher than the first.
A few key takeaways show which companies can endure another three months of pain, and those that will struggle:
Big Oil emerged from first-quarter earnings battered and bruised, but things are only going to get uglier.
Major oil and gas producers from Norway to the U.S. saw profit plunge in the opening three months of the year. Exxon Mobil Corp. reported its first loss in over 30 years, Royal Dutch Shell Plc cut its dividend for the first time since the Second World War.
And that was only the result of the initial spread of the coronavirus. Things have got even worse since as a global pandemic caused an unprecedented oil-market slump. There are some signs of recovery on the horizon, but companies were united in their warnings that the current quarter will be tougher than the first.
A few key takeaways show which companies can endure another three months of pain, and those that will struggle:
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