May 1, 2020 / 11:43 AM / 2 months ago

Exxon posts quarterly loss on $3 billion inventory write-down

May 1 (Reuters) - Exxon Mobil Corp reported a first-quarter loss compared with a year-ago profit on a nearly $3 billion inventory writedown from plunging oil prices.

The U.S. oil major on Friday posted a loss of $610 million, or 14 cents per share, in the quarter, compared with a profit of $2.35 billion, or 55 cents per share, a year earlier.

Exxon’s production rose slightly to about 4 million barrels of oil equivalent per day (boepd) from 3.98 million boepd. (Reporting by Arathy S Nair in Bengaluru; Editing by Arun Koyyur)

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