ExxonMobil tumbles after oil-market chaos drives first quarterly earnings loss since 1988

• ExxonMobil shares slid as much as 2.6% on Friday after the firm posted its first quarterly loss in 32 years.
• The energy company is among the most exposed to oil's recent price plunge and the coronavirus' impact to demand for the commodity.
• The pandemic has placed "unprecedented pressure" on margins, CEO Darren Woods said.
• Exxon slashed spending plans in early April by roughly $10 billion to protect its quarterly dividend and balance sheet amid the oil market turbulence.
• Watch ExxonMobil trade live here.

ExxonMobil announced first-quarter earnings on Friday that slipped below analysts' breakeven forecasts and detailed the firm's hit from recent oil-price pressure.

The energy giant said the coronavirus' impact on oil demand prompted its first quarterly loss in 32 years and will remain a significant drag on performance. Revenue landed above analyst forecasts for the quarter.

Exxon shares slipped as much as 2.6% early Friday on the news.

Here are the key numbers:

Revenue: $56.2 billion, versus the $51.9 billion estimate

Earnings per share (GAAP): -14 cents versus the breakeven estimate, 55 cents in the year-ago period

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"COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins," CEO Darren Woods said in the report. "Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry."

Exxon was among the companies most impacted by West Texas Intermediate crude's slide to negative prices on April 20. WTI contracts for June delivery leaped 7.5% to $19.95 per barrel on Friday, continuing a rally through the week from their late-April lows.

The company cut 2020 spending by 30%, or roughly $10 billion, on April 7 to protect its balance sheet and quarterly dividend. Exxon plans to pay an 87 cent-per-share dividend in the second quarter, according to its Friday report.

Exxon closed at $46.32 per share Thursday, down about 33% year-to-date.

The company has three "buy" ratings, 18 "hold" ratings, and seven "sell" ratings from analysts, according to Bloomberg data.

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