(Adds no asset writedown disclosed, share price)
By Jennifer Hiller and Shariq Khan
HOUSTON, July 2 (Reuters) - Exxon Mobil Corp's oil
and gas producing and refining businesses will report operating
losses in the second quarter, it said in a regulatory filing on
Thursday, setting the stage for the company to post another
quarterly loss this year.
Oil prices are down 35% since January as the COVID-19
pandemic slashed demand and a global glut forced widespread
production cuts. Rivals Royal Dutch Shell and BP Plc
have disclosed massive spending cuts and writedowns due
to the price drop.
Exxon faces a loss for the quarter of $2.3 billion, or 57
cents per share, according to estimates from Refinitiv IBES. It
would be the second this year after a $610 million first-quarter
deficit. Results are due out July 31.
(For a graphic on results by quarter, click here: https://tmsnrt.rs/3gdqWI9)
The filing did not refer to asset writedowns. However, in a
change from prior quarterly updates, Exxon noted the list may
not include all charges. Shell outlined an up to $22 billion
charge and BP an up to $17.5 billion writedown on the oil demand
and price drops.
Exxon's oil and gas operations will swing to a loss compared
with the first quarter because of sharply lower prices. That
drop reduced the unit's operating profit by between $2.5 billion
and $3.1 billion, the company said in its investor snapshot of
operations.
Refining results will fall by between $800 million and $1.l
billion compared with the first quarter on weaker margins and
logistics differentials, it said.
The second quarter for all companies will be "dismal" due to
oil and gas prices, refining margins and production, said
Jennifer Rowland, analyst with Edward Jones.
Exxon last quarter cut output by up to 400,000 barrels per
day (bpd) and capital spending by 30%, much of it in its shale
business.
Shares have fallen about 38% this year. They were up 47
cents at $44.18 in premarket trading on Thursday.
(Reporting by Jennifer Hiller in Houston and Shariq Khan in
Bengaluru; Editing by Sriraj Kalluvila and Jonathan Oatis)