Losses mount for oil majors as pandemic grips global economy
Published: Oct. 30, 2020 at 9:48 AM CDT
NEW YORK (AP) — Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtails travel and cripples global economic activity.
The energy giant on Friday posted a $680 million third-quarter loss and revenue tumbled to $46.2 billion, down from $65.05 billion during the same quarter last year.
The string of losses and what could be a money-losing year is new territory for Exxon Mobil.
The price of U.S. benchmark crude has fallen 40% since the start of the year.
The cost for a barrel of oil tumbled 10% just this week as coronavirus infections surged in the U.S. and abroad.
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