Here today, gone tomorrow

1 May 2020 By Lauren Silva Laughlin Follow @TheRealLSL

Shell cut its dividend on Thursday and took a realistic outlook towards the fossil fuel’s future. But U.S. drillers are forging ahead as if the commodity’s only challenge is price. Without a thoughtful 30-year plan, Exxon and Chevron can only hope to tread water, at best.

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Exxon Mobil on May 1 reported a first-quarter loss of $610 million, or 14 cents per share, compared with earnings of $2.4 billion, or 55 cents per share, a year earlier. Its losses stem from a $3 billion write-down on assets due to lower oil prices. The company said production of 4 million barrels of oil equivalent per day was up 2% from the first quarter of 2019.

On the same day, Chevron said that its profit rose in the first quarter to $3.6 billion, or $1.93 a share, from $2.6 billion, or $1.39 a share, in the same quarter last year after the company sold assets in the Philippines and Azerbaijan. Production rose 6% to 3.2 million barrels of oil equivalent per day.

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