Exxon Mobil’s Jack Williams said on the company’s Q3 earnings call: “As you’re likely aware, we’ve recently made announcements in Australia, Europe and then here in the U.S. this week. Overall, we anticipate a reduction in our global workforce, including employees and contractors, of 15% by year-end 2022 versus 2019 staffing levels. The vast majority of these reductions are occurring in above-field or above-site organizations. Our operating organizations are driving further cost reductions in areas such as maintenance and logistics and supply chain while continuing their focus on delivering world-class safety, reliability, and environmental performance.”
Chevron CEO Michael Wirth states: “Third quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19. The world’s economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity.”
Chevron Corporation (NYSE: CVX) today reported a loss of $207 million ($(0.12) per share – diluted) for the third quarter 2020, compared with earnings of $2.6 billion ($1.36 per share – diluted) in third-quarter 2019. Included in the current quarter was a charge of $130 million attributable to a tax item related to an international upstream end-of-contract settlement and a non-cash provision of $90 million for remediation of a former mining asset.
Exxon Mobil reported its third straight quarter of losses on Friday as depressed oil demand sparked by the coronavirus pandemic weighs on operations. Similarly, Chevron reported its second straight quarter of losses after revenue during the third quarter fell 32% year over year. CNBC’s Becky Quick reports.