Adam Varga + 123 AV December 2, 2020 Exxon Mobil Corp on Monday said it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment, and slash project spending next year to its lowest level in 15 years. New cost cuts aim to protect a $15 billion a year shareholder payout that many analysts believe is unsustainable without higher prices. The writedown lays bare the size of the miscalculation that the company made in 2010 when it paid $30 billion for U.S. shale producer XTO Energy as natural gas prices went into a decade-long decline. The writedown also includes properties in Argentina and western Canada. https://www.reuters.com/article/exxon-mobil-outlook/update-3-exxon-tries-to-put-the-worst-behind-it-with-20-bln-writedown-idINL4N2IG4LY Quote Share this post Link to post Share on other sites
Graham Priest 0 GP December 5, 2020 On 12/2/2020 at 9:45 AM, Adam Varga said: Exxon Mobil Corp on Monday said it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment, and slash project spending next year to its lowest level in 15 years. New cost cuts aim to protect a $15 billion a year shareholder payout that many analysts believe is unsustainable without higher prices. The writedown lays bare the size of the miscalculation that the company made in 2010 when it paid $30 billion for U.S. shale producer XTO Energy as natural gas prices went into a decade-long decline. The writedown also includes properties in Argentina and western Canada. https://www.reuters.com/article/exxon-mobil-outlook/update-3-exxon-tries-to-put-the-worst-behind-it-with-20-bln-writedown-idINL4N2IG4LY I think XOM honors the dividend in 2021 based on the current price of oil. Stock is starting to rebound finally. Quote Share this post Link to post Share on other sites
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