<p class="bodytext">Exxon Mobil Corp posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 impact on energy demand and prices.</p>.<p class="bodytext">The largest US oil producer plans to cut its capital spending for 2021 to between $16 billion to $19 billion, down from a planned $23 billion this year.</p>.<p class="bodytext">Its net loss was $680 million, or 15 cents per share in the third quarter, compared with a profit of $3.17 billion or 75 cents per share, a year earlier.</p>.<p class="bodytext">The company expects to exceed capital and cash expenses reduction targets for 2020 and forecast further cuts in 2021.</p>.<p class="bodytext">Earlier this week, the U.S. oil producer said it would cut its workforce by about 15% and kept its fourth-quarter dividend flat at 87 cents a share, signaling 2020 will be the first year since 1982 that it has not raised its shareholder payout.</p>.<p class="bodytext">The largest U.S. oil producer by volume was caught off guard by the sharp decline in energy prices and demand this year. U.S. prices are off 39% since the start of the year and globally demand has shrunk because of the COVID-19 pandemic.</p>
<p class="bodytext">Exxon Mobil Corp posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 impact on energy demand and prices.</p>.<p class="bodytext">The largest US oil producer plans to cut its capital spending for 2021 to between $16 billion to $19 billion, down from a planned $23 billion this year.</p>.<p class="bodytext">Its net loss was $680 million, or 15 cents per share in the third quarter, compared with a profit of $3.17 billion or 75 cents per share, a year earlier.</p>.<p class="bodytext">The company expects to exceed capital and cash expenses reduction targets for 2020 and forecast further cuts in 2021.</p>.<p class="bodytext">Earlier this week, the U.S. oil producer said it would cut its workforce by about 15% and kept its fourth-quarter dividend flat at 87 cents a share, signaling 2020 will be the first year since 1982 that it has not raised its shareholder payout.</p>.<p class="bodytext">The largest U.S. oil producer by volume was caught off guard by the sharp decline in energy prices and demand this year. U.S. prices are off 39% since the start of the year and globally demand has shrunk because of the COVID-19 pandemic.</p>