July 31, 2020

Exxon Mobil, Chevron report losses on weak oil prices

New York (AFP) – Exxon Mobil and Chevron suffered losses in the latest quarter as the weakened economic outlook due to the coronavirus pandemic pressures the industry to double down on cost cuts.Exxon Mobil on Friday reported a loss of $1.1 billion in the second quarter, saying it trimmed capital spending during the period and “identified significant potential for additional reductions.”The loss is the biggest since the Exxon-Mobil merger, which was executed in 1999.Meanwhile, Chevron lost $8.3 billion in the same period, as it slashed the value of assets on expectations that commodity prices …

source https://this.kiji.is/en/661908548841718881?c=648607265489716321

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