Exxon Mobil Corp. estimated a first quarter 2020 loss of $610 million compared with earnings of $2.4 billion a year earlier (OGJ Online, Apr. 26, 2019). Results included a $2.9 billion charge from identified items reflecting noncash inventory valuation impacts from lower commodity prices and asset impairments. Cash flow from operating activities was $6.3 billion. Capital and exploration expenditures were $7.1 billion.
Oil-equivalent production was 4 million b/d, up 2% from first-quarter 2019, with a 7% increase in liquids partly offset by a 5% decrease in gas. Excluding entitlement effects and divestments, oil-equivalent production was up 5% from the prior year, with upstream liquids production up 9% on growth in the Permian basin and Guyana. Permian production grew 20% from fourth quarter 2019 and was up 56% from the first quarter of 2019.
In April, the company announced plans to reduce its 2020 capital spending by 30% and cash operating expenses by 15% (OGJ Online, Apr. 7, 2020). Capex is now expected to be $23 billion for the year, down from previous guidance of $33 billion.
