Exxon Credit Card – – – 1st February 2017: The first quarter of the year is here and the news is bleak for the world’s biggest oil company.
The company announced its first loss in two years last week and it has been forced to issue a public apology for the company’s record-breaking failure in the oil market.
It was announced on Wednesday that the company will pay out $1bn to customers for not paying for gas.
In the UK the company is now down to the last of its 35 million UK customers.
However, in the US, Exxon is enjoying a boost from the start of the New Year as the US stock market is now booming.
The benchmark S&P 500 is up more than 2% to 2,766.92.
Exxon has been suffering from a slump in oil prices for years.
The US has seen its oil demand plummet in recent months, prompting the company to cut back on spending, and this week it said that the slump was likely to continue.
Last week, Exxon cut its quarterly dividend by $1 per share, which it has now cut by almost half, but it is expected to raise it again this week.
Exxon said it was looking to sell its remaining stake in Mobil Oil, which has fallen by more than 70% since the end of 2017.