All things mandatory now become optional, we'll see how long that lasts. Expect to see a lot more 'unscheduled downtime to repair _____________ ' kinds of stories. Stock price ticked up to just around 1y/50% loss of value. Looks like cut anything and everything until we walk away....
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C$3M is within the normal accrual "margin of error". Perhaps there have been some aggressive "capital vs. expense calls for turnaround expenditures. By deferring scheduled maintenance to next year, current year to date expenses compared to prior year look favorable. The operative question remains: how much of the expense reduction is truly structural improvement and how much is government stimulus and maintenance deferrals?
https://www.cbc.ca/news/canada/calgary/imperial-oil-calgary-profit-third-quarter-exxon-energy-1.5783131
500 million is deferred capital spending is pretty creative. And wtf does another 500 million in reduced expenses mean?
A lot of work to get there, for
Shutdowns at kearl, we had idle mine equipment operators helping in the plant and the focus was to use as few contractors as possible. This isn’t creative auditing, it was intentional and focused.
creative accounting. auditors please investigate further.
Overall conditions are improving - 3Q better than 2Q and loss was less than Wall Street expectations. Once corona is gone and life is more normal, more planes, more cruise ships, more car driving, things will improve.
Exxon still lost $680 million 3Q. Chemicals is only business making money.
Hurray for Chemicals!