Exxon posts second straight quarterly loss on demand, price plunge

Exxon posts second straight quarterly loss on demand, price plunge

Exxon Mobil Corp reported its second-straight quarterly loss, as its oil and gas producing unit was hurt by a plunge in prices, while its refining businesses was hit by a fall in demand due to the COVID-19 pandemic.

FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge
FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo

REUTERS: Exxon Mobil Corp reported its second-straight quarterly loss, as its oil and gas producing unit was hurt by a plunge in prices, while its refining businesses was hit by a fall in demand due to the COVID-19 pandemic.

The U.S. oil major reported a loss of US$1.08 billion, or 26 cents per share, in the three months ended June 30, compared with a profit of US$3.13 billion, or 73 cents per share, a year earlier. (https://exxonmobil.co/30d059Q)

The company recorded a non-cash gain from inventory valuation adjustment, due to rising commodity prices, of US$1.9 billion.

Oil-equivalent production was 3.6 million barrels per day in the second quarter, down 7per cent from a year earlier.

(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters

Bookmark