The company disclosed that further capital spending cuts and possible writedowns of assets are ahead as it battles the pandemic-induced oil bust.
The energy giant posted another earnings miss as production fell 7% and it undertook an "enormous amount of planned maintenance."
If oil prices remain at current levels, at some point bond investors may no longer be willing to support the shrinking enterprise.
Oil and natural gas production dropped by almost 1% in Q2, adding to the challenges facing new CEO Darren Woods.
"Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge," CEO Darren Woods says.
A rising debt level and dividends exceeding internally generated cash flow caused the downgrade.
Comparing corporate tax rates can be hard, given all the tax terminology that's out there. But a new study reveals what real rates companies are paying.
