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The new crown pneumonia affects demand, along with doubts about oil storage space, international oil prices experienced a nightmare in April, the top two US oil companies announced the latest financial report, Exxon Mobil revenue (Exxon Mobil) of $ 56.16 billion, an annual decrease of 11.7%, Loss reached $ 610 million, the first loss in 32 years, in terms of Chevron’s first quarter revenue (Chevron) of $ 31.5 billion million dollars, an annual decrease of 10.5%, awaiting market prospects, Chevron believes that if current market conditions have not changed In the coming quarters, results will be rather slow.
Exxon Mobil, the largest oil company in the United States, released its financial report on Friday. First quarter revenue was $ 56.16 billion, an annual decrease of 11.7% and a net loss of $ 6.1, the first loss in 32 years. It was mainly driven by an asset reduction of US $ 2.9 billion. Chief Executive Darren Woods said: “The epidemic has hit energy demand hard, resulting in an oversupply of crude oil and pressure on prices.”
In response to uncertainty in the oil market, ExxonMobil also cut capital spending last month, from the original $ 33 billion to $ 23 billion, a 30% reduction, and said it could be reduced again. Reduce operating expenses by 15%.
Compared to ExxonMobil, Chevron recognized one-time earnings due to profit, with earnings of $ 31.5 billion and earnings of $ 1.93 per share in the first quarter, which were better than market expectations.
As for the outlook, Chevron said: “As long as current market conditions do not improve, future performance is expected to continue under pressure.” However, the CEO of the company, Michael Wirth, noted that “the economy is starting to recover, and demand may bottom in the second quarter, and as demand recovers it will cause oil prices to rise again. ” To alleviate the impact of low oil prices, Chevron also cut capital spending twice, estimated 13% in 5 weeks, and plans to reduce daily production by 400,000 barrels.
In general, oil prices have continuously recovered in recent days. June New York Crude Oil (WTI) futures continued to rise 5% to $ 19.78 / barrel yesterday; In addition, many analysts have expressed their support, such as OPEC, UBS are optimistic about oil prices. By the end of the year, it is expected to drop to $ 40. Goldman Sachs also recently increased its WTI 2021 valuation to $ 51.4 per barrel. As for the Bank of Japan, it predicts that “Brent crude oil futures” will rise to $ 49 a barrel in early 2021.
(China Times News)
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