(Bloomberg) — Exxon Mobil Corp. warned it may take up to $30 billion in writedowns on natural gas fields after posting a historic loss despite sweeping budget and job cuts.Exxon is confronting one of its biggest crises since Saudi Arabia began nationalizing its oilfields in the 1970s. The company lost $680 million, or 15 cents a share, during the third quarter, compared with the 25-cent per-share loss forecast in a Bloomberg survey of analysts. The shares fell 1.2% in pre-market trading.That was in stark contrast to Chevron Corp., which disclosed a surprise profit despite a gloomy outlook and the lowest crude and gas output in more than two years. The company’s shares were little changed. European supermajors Total SE, Royal Dutch Shell Plc and BP Plc also turned in better-than-expected third-quarter performances.Blindsided by the economic fallout from the Covid-19 pandemic, Exxon Chief Executive Officer Darren Woods abruptly ditched an ambitious rebuilding effort and imposed widespread job cuts that are unprecedented in Exxon’s modern history.The firings and layoffs, announced Thursday, less than 24 hours after Exxon declared a $3.7 billion payout to shareholders, will affect 1,900 U.S. workers and thousands more around the world. Pandemic-induced lockdowns have crushed demand for oil, natural gas and chemicals, sending Exxon’s finances into a tailspin. Prior to 2020, the company hadn’t posted a quarterly loss in at least three decades.Woods’s turnaround effort took another hit Friday when the company said an internal assessment is under way to determine the future of its North American gas assets. Much those fields were added to Exxon’s portfolio a decade ago with the $35 billion takeover of XTO Energy Inc.Oil SandsThe company may incur additional impairments on assets in Canada, where operations include the massive Kearl oil-sands complex in Alberta. Although third-quarter results outperformed expectations, the company is still struggling to generate enough cash to fund dividend payments and capital projects.Exxon’s cash flow has all but evaporated, Woods’s aggressive rebuilding plan has ground to a halt, and criticism is growing over the company’s climate strategy. The most immediate question for investors is how long the $15 billion a year in dividends survive.Meanwhile, Chevron and BP eked out profits after slashing costs. Shell exceeded all analysts’ forecasts by posting almost $1 billion in adjusted profit. The Anglo-Dutch giant also dangled the promise of fattening the dividend that’s dwindled to less than half of its year-ago value. also surpassed estimates.Dividend ThreatExxon has plunged about 50% this year, lagging Chevron but ahead of Shell and BP. The drop has sent Exxon’s dividend yield soaring to more than 10%, a level that indicates investors expect the payout to be cut.To defend the dividend and appease investors, Woods is implementing an extensive internal cost-cutting drive. Exxon cut $10 billion in capital spending in April and said Friday that 2021 spending will fall as much as another $7 billion.As if its financial performance wasn’t enough to worry about, Exxon is under pressure from critics to reset its climate strategy. Its European rivals have all committed to some form of carbon neutrality by mid-century but earlier this month Woods underscored his faith in fossil fuels. Oil and gas will still make up about half the global energy mix in 2040 and provide the most cost-effective pathway to development in poor countries, Woods told employees in the email.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.