Exxon signals second quarterly loss in a row on production, refining hit

Rivals Royal Dutch Shell and BP Plc have disclosed massive spending cuts and writedowns due to the price drop. The company's oil and gas operations will swing to a loss compared with the first quarter because of lower prices that reduce operating profit between $2.5 billion and $3.1 billion, the company said in a filing designed to give investors a snapshot of its operations. Its refining unit will suffer losses estimated to be between $800 million and $1.l billion, larger than its first quarter loss, it said.