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Exxon and Chevron lost billions as pandemic crushed demand for fuel

FILE - In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading post on the floor of the New York Stock Exchange.  Exxon lost $1.1 billion in the second quarter, Friday, July 31, 2020, its economic pain deepening as the pandemic kept households on lockdown, diminishing the need for oil around the world.  (AP Photo/Richard Drew, File)
FILE - In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading post on the floor of the New York Stock Exchange. Exxon lost $1.1 billion in the second quarter, Friday, July 31, 2020, its economic pain deepening as the pandemic kept households on lockdown, diminishing the need for oil around the world. (AP Photo/Richard Drew, File)(Richard Drew | AP)
Published: Jul. 31, 2020 at 10:53 AM CDT
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NEW YORK (AP) — Two American oil giants lost more than $9 billion in the second quarter as the pandemic kept households on lockdown and the need for oil diminished around the world.

Exxon lost $1.1 billion in the second quarter. Chevron Corp. lost $8.27 billion during the quarter, a sharp contrast to the $4.3 billion it brought in during the same quarter last year.

The quarter was one of the worst on record for the oil industry.

Exxon executive Neil Chapman says demand fell to levels unseen in nearly 20 years and the company has never seen a decline of this magnitude and pace. 

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