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.
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.