Clear. 79.3   F New York
AI-Powered News Summarizer
Top Stories

Chevron and Exxon post huge losses as oil prices plummet

July 31, 2020. Summarized by summa-bot.

A vehicle passes an Exxon Mobil Corp. gas station in Falls Church, Virginia, U.S., on Tuesday, April 28, 2020. Exxon is scheduled to released earnings figures on May 1. Photographer: Andrew Harrer/Bloomberg via Getty Images

Exxon Mobil and Chevron both reported huge losses for the second quarter that were even worse than what Wall Street was expecting -- yet another sign of how the Covid-19 pandemic has wrecked the global economy.

New York (CNN Business)Exxon Mobil and Chevron both reported huge losses for the second quarter that were even worse than what Wall Street was expecting -- yet another sign of how the Covid-19 pandemic has wrecked the global economy.

Shares of Exxon (XOM) and Chevron (CVX) were each lower in early trading Friday after announcing the results.

Exxon lost $1. 1 billion, the company's second straight quarterly loss, while Chevron posted a loss of $8. 3 billion.

"The economic impact of the response to Covid-19 significantly reduced demand for our products and lowered commodity prices. "

Chevron added in its statement that "while demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels," and results will likely remain "depressed" in the third quarter.

Exxon chairman and CEO Darren Woods said "the global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins and sales volumes. "

The company has cut near-term spending as a result, Woods said, adding that "the company has identified significant potential for additional reductions" that it will announce at a later date.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions