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UPDATE 5-Exxon posts third straight loss as pandemic hits demand, prices

Oct 30, 2020 - Reuters UK
Mergers and Acquisitions

HOUSTON (Reuters) - Exxon Mobil Corp XOM.N posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 pandemic's impact on energy demand and prices.

The largest U.S. oil producer by volume said it will slash its capital spending for 2021 to between $16 billion and $19 billion, a cut of as much as 30% from this year’s plan.

The move signals the company will continue to fight to protect its rich shareholder...