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Exxon Mobil Q3 Results Above Estimates, To Cut 2021 Capital Program; Chevron Reports Adj. Profit

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Exxon Mobil Corp. (XOM), one of the world's largest publicly traded energy providers and chemical manufacturers, reported third quarter results which came in better than analysts' projections. Exxon Mobil said it is on track to exceed reduction targets for 2020 capital and cash expenses; with further reductions anticipated in 2021. Separately, Chevron, the human energy company, reported third quarter results which were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19.

Exxon Mobil reported a third quarter adjusted loss per share of $0.18 compared to profit of $0.68, a year ago. On average, 18 analysts polled by Thomson Reuters expected the company to report loss per share of $0.25, for the quarter. Analysts' estimates typically exclude special items. On a GAAP basis, estimated third quarter loss was $680 million, or $0.15 per share.

Exxon Mobil reported third quarter total revenues and other income of $46.20 billion compared to $65.05 billion, previous year. Analysts expected revenue of $43.69 billion, for the quarter. The company recorded oil-equivalent production of 3.7 million barrels per day, reflecting COVID-19 demand impacts, including economic and government mandated curtailments. Capital and exploration expenditures were $4.1 billion, bringing year-to-date spending to $16.6 billion, more than $6 billion lower than the prior year period.

Exxon Mobil said its preliminary 2021 capital program, which will be reviewed by the board in the fourth quarter, is expected to be in the range of $16 billion to $19 billion, a reduction from the 2020 target of $23 billion announced in April. The company expects to identify further structural efficiencies.

Chevron Corp. (CVX) reported third quarter adjusted earnings of $201 million or $0.11 per share compared to adjusted earnings of $2.9 billion or $1.55 per share, a year ago. On average, 20 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.27, for the quarter. On a GAAP basis, loss was $207 million or $0.12 per share for third quarter 2020.

Chevron Corp. reported that its third quarter total revenues and other income declined year-on-year to $24.45 billion from $36.12 billion. Sales and other operating revenues were $24 billion, compared to $34.78 billion. Analysts expected revenue of $25.91 billion, for the quarter. Worldwide net oil-equivalent production was 2.83 million barrels per day in third quarter 2020, a decrease of 7 percent from a year ago.

Chevron recorded capital and exploratory expenditures in the first nine months of 2020 of $10.3 billion, compared to $15.0 billion, prior year. Third quarter capital expenditures were down 48 percent year-on-year.

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