⁍ Exxon Mobil posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come.

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⁍ The largest U.S. oil producer said it will slash its capital spending for 2021 to between $16 billion and $19 billion.

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⁍ The move signals the company will continue to fight to protect its rich shareholder dividend payout, now yielding 11%.

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– Exxon Mobil posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 pandemic’s impact on energy demand and prices. The largest US oil producer by volume said it will slash its capital spending for 2021 to between $16 billion and $19 billion, a cut of as much as 30% from this year’s plan, per Reuters. The move signals the company will continue to fight to protect its rich shareholder dividend payout, now yielding 11%, by delaying projects. Its 2021 spending plans are lower than rival Royal Dutch Shell Plc’s RDSa.L. It also said it was reassessing its natural gas holdings in North America and could take impairments on assets with a book value of as much as $25 billion to $30 billion—but only if it changes its long-term development plans. Exxon beat expectations with an adjusted loss of 18 cents per share. Analysts had expected a loss of 25 cents per share. Oil companies last quarter continued to suffer from weak prices for their products, but rivals Chevron Corp, Shell, and BP Plc also posted higher-than-expected results after deep cost cuts this year. “We remain confident in our long-term strategy and the fundamentals of our business,” said Chief Executive Darren Woods, adding that Exxon would continue to protect its shareholder dividend.