Big Oil Earnings Battered By Virus, But Worst is Yet to Come
- Profit plunged in first quarter, seen sinking even further
- Potential for more dividend cuts as debt keeps rising
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Big Oil emerged from first-quarter earnings battered and bruised, but things are only going to get uglier.
Major oil and gas producers from Norway to the U.S. saw profit plunge in the opening three months of the year. Exxon Mobil Corp. reported its first loss in over 30 years, Royal Dutch Shell Plc cut its dividend for the first time since the Second World War.