Why Jim Cramer's Not Confident In Exxon's Long-Term Plan

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Exxon  (XOM) - Get Report posted earnings on Friday. 

The company reported its adjusted loss for the three months ending in September was pegged at 18 cents per share, firmly inside the Street consensus forecast of 25 cents per share. Exxon's reported loss was 15 cents per share, or $680 million.

Group revenues, Exxon said, fell 29% to $46.2 billion, a figure that also topped analysts' estimates of a $43.7 billion tally.

West Texas Intermediate crude prices traded in a range of between $38.70 and $39.70 per barrel over the three months ending in September, a sharp 30% decline from the trading range over the third quarter of last year.

“We remain confident in our long-term strategy and the fundamentals of our business, and are taking the necessary actions to preserve value while protecting the balance sheet and dividend,” said CEO Darren Woods. “We are on pace to achieve our 2020 cost-reduction targets and are progressing additional savings next year as we manage through this unprecedented down cycle.” 

CEO Darren Woods warned employees of impending job cuts last week, saying in an internal memo that 'tough decisions" need to be made, "some of which will result in friends and colleagues leaving the company."

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