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Chevron, ExxonMobil swing to loss in Q2

by ChemOrbis Editorial Team -
  • 03/08/2020 (07:53)
Lower crude oil prices and reduced demand for refined fuel led to a $1.1 billion loss at ExxonMobil in the second quarter of 2020 when compared to a $3.1 billion profit in Q2 2019. However, the company’s chemical segment more than doubled its profit which stood at $467 million in Q2 compared to a $188 million profit in the second quarter of 2019.

“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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