July 31, 2020

US oil giants report big losses, prepare for longer downturn

New York (AFP) – Exxon Mobil and Chevron reported hefty losses in the latest quarter Friday as the weakened economic outlook due to the coronavirus pandemic pressures the industry to double down on cost cuts.”We’ve never seen a market demand crash so far so deep,” said Exxon Mobil senior vice president Neil Chapman.While he noted early signs of recovery in motor fuel demand, a recovery in jet fuel is “likely to be much slower,” Chapman said, pointing to a dearth of international flights.Exxon Mobil reported a loss of $1.1 billion in the second quarter, the biggest since the Exxon-Mobil merger …

source https://this.kiji.is/en/662044477387146337?c=648607265489716321

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