ExxonMobil (NYSE: XOM) is warning investors that the pandemic is going to hit its exploration and production business hard in the fourth quarter, saying it will take between $18 billion and $20 billion in writedowns on its upstream assets.
And though it says that may not be the full scope of the charges that are taken when it finally does report its fourth-quarter earnings, the oil and gas giant tried to soften the blow by saying it expects higher oil, gas, and chemical prices will bolster the segment’s earnings for the period.
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