3 August
US oil major Chevron has posted a loss of $8.27bn during the second quarter this year (Q2-2020), compared with the earnings of $4.3bn during the same quarter last year. The company cited Covid-19-induced economic fallout and the collapse in fuel demand as the reasons for losses. This is the company’s biggest loss in three decades, according to Bloomberg’s estimates.
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American multinational oil and gas company ExxonMobil has announced that it lost $1.1bn during the second quarter this year due to global oversupply and coronavirus-related demand impacts. The loss is reportedly said to be the company’s biggest quarterly loss in the last three decades, according to Reuters. The company brought in $32.6bn in revenue during the Q2. This is less than half of $69bn which Exxon brought during the same time last year (Q2-2019).
Indian government-owned oil and gas company Indian Oil Corporation’s chairman S.M. Vaidya said that demand would begin to recover only by this year-end. As a result of fresh lockdown restrictions in the country, IOC’s capacity utilisation fell to 75% last month, reported The Financial Times.
