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Exxon Flags Further Losses That Add to Pressure on Dividend

  • Refining margins hit by up to $600 million in third quarter
  • Dividend yield has risen to more than 10% in recent days
Updated on

Exxon Mobil Corp. likely made a third consecutive loss in the last quarter, heaping further pressure on the energy giant’s ability to pay its $15 billion-a-year dividend, currently the third-highest in the S&P 500 Index.

Exxon suffered further losses in its refining division in the third quarter while higher oil prices were likely not enough to push its production operations back into profit, the Irving, Texas-based company said Thursday in a filing. Refining margins took a negative hit of as much as $600 million in the period while chemicals made a small profit.