ExxonMobil will face a loss of $800 million in revenue due to the Texas freeze

According to a report from Bloomberg News in Houston, Exxon Mobil expects its first quarter earnings to decrease by $800 million, mainly due to extremely cold weather in Texas in March.

Even so, the US oil giant may have returned to profitability after experiencing four consecutive losses. On March 31, the listed oil company headquartered in Irvine, Texas, stated in a document that the rebound in oil and gas prices increased its profits by $2.7 billion, while the profits of the refining and chemical businesses increased. $1.1 billion.

The Arctic storm in Texas in March caused severe damage to the U.S. natural gas and electricity markets, creating winners and losers among energy suppliers. Electricity retailers including Just Energy Group and Griddy Energy declared bankruptcy, while oil producer California Resources said its natural gas trading business generated profits due to the impact of the cold hurricane.

Exxon Mobil was forced to close or reduce the operations of its large refining and petrochemical plants along the Gulf of Mexico. However, the documents submitted on March 31 showed that the profitability of its oil and gas production facilities has also been significantly reduced.

Exxon Mobil suffered its first annual loss in 40 years last year. CEO Darren Woods is trying to repair relations with investors and maintain capital expenditures and production at nearly 20-year lows to maximize cash Flow and protect its annual dividend of 15 billion U.S. dollars.

Exxon Mobil Corporation will announce its first quarter results this year in 4 to 5 weeks, and will hold a shareholder vote on a proposal to reorganize the board of directors and change strategy proposed by an activist investor before the end of May. ExxonMobil appointed three new directors this year to better equip the board of directors in the energy transition process.