Exxon and Chevron lost billions as pandemic crushed demand for fuel
Published: Jul. 31, 2020 at 10:53 AM CDT
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.