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ExxonMobil reports loss after $3bn wiped off value of oil reserves

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US company down $610m on first quarter compared with $2.4bn profit the year before

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  • ExxonMobil has swung to a loss for the first quarter after a writedown of almost $3bn (£2.4bn) on the value of its oil reserves because of a collapse in US oil prices.

    The US oil company reported a loss of $610m for the first quarter of the year following the outbreak of coronavirus, compared to a profit of $2.4bn in the same months last year.

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