Exxon, Chevron earnings gutted by virus-driven demand slump - Panorama Insurance Brokers

Exxon, Chevron earnings gutted by virus-driven demand slump

(Bloomberg) Exxon Mobil Corp. and Chevron Corp. posted the worst losses in a generation after the pandemic and a global crude glut combined to batter almost every part of their businesses.

Exxon’s $1.1 billion second-quarter loss was the deepest in the company’s modern history. A collapse in crude prices bled the company’s production division while Covid-19 lockdowns lowered demand for everything from jet fuel to plastic wrap, hobbling the company’s refining and chemical units.

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