Chevron, ExxonMobil swing to loss in Q2
“The global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins, and sales volumes,” CEO Darren Woods stated. This was the oil giant’s second quarterly loss in a row.
Chevron reported $8.3 billion loss in the second quarter of 2020 given falling demand. The loss was partially triggered by $5.2 billion write-downs on assets that the company saw had lost relevance and value.
According to the company, demand and prices have showed signs of recovery, whereas they are not back to pre-pandemic levels and Q3 results might be under pressure as well.
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