Exxon Mobil Corp reported a $1.1 billion loss for the second quarter on Friday, the first back-to-back quarterly loss for the U.S. oil giant in at least 36 years. Exxon stood out among its supermajor peers for not taking a large write-down on the value of its assets as the industry outlook darkens on the future of oil and gas prices.

Exxon Mobil shares are down 40% from the beginning of the year, still down 44.66% from its 52 weeks high of $75.66 set on July 31, 2019. They are underperforming the Dow Jones which is down 7.8% from the start of the year.

West Texas Intermediate, the U.S. oil benchmark is down more than 30% this year which has forced energy companies to slash spending.

The COVID-19 pandemic slashed oil prices which sent Exxon’s oil and gas production business to a loss. Its refining businesses were hit by a fall in demand but an improvement in inventory valuations pushed overall refining profits into the black by nearly $1 billion.

The U.S. oil major reported a loss of $1.08 billion, or 26 cents per share, in the three months ended June 30, compared with a profit of $3.13 billion, or 73 cents per share, a year earlier. An adjusted loss of 70 cents per share missed Wall Street’s estimate of 61 cents.

Oil-equivalent production fell 7% year-over-year and the company said average prices for crude oil and natural gas were significantly lower than in the same quarter a year earlier due to the oil price crash and a threat of global oil storage.

Prior to the pandemic, Exxon pursued an ambitious spending plan to boost oil output and turnaround sagging profits on a bet that a growing global middle class would demand more of its products.

But CEO Darren Woods’s plan to raise production and money by selling some assets has faltered and the company has slashed its capital spending plans for this year by 30%.

Exxon is preparing deeper spending and job cuts as it fights to preserve an 8% shareholder dividend. Exxon said on Friday it had identified more potential cost cuts and was doing an evaluation across the businesses on a country-by-country basis.

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