Exxon Q2 loss $1.1 billion
It plans both capital and operating expense cuts to defend its dividend, Chapman said on a call with analysts, adding that investors “come to view that dividend as a source of stability in their income.”
It will not take on more debt and sees spending cuts as short term “to manage the current situation,” Chapman said.
Exxon’s oil and gas production business fell to a loss and its refining unit was hit by lower demand and weaker prices.
The U.S. oil major reported a loss of $1.08 billion compared with a profit of $3.13 billion a year earlier. Excluding inventory adjustments, the loss would have been $3 billion, it said. ■