Exxon Posts Historic Loss on Rout With Chevron in Retreat
- Big Oil CEOs are grappling with historic falloff in oil demand
- Shutting oil wells won’t be enough to erode supply glut: BNEF
Photographer: Andrey Rudakov/Bloomberg
This article is for subscribers only.
Exxon Mobil Corp. posted its first loss in at least three decades and Chevron Corp. slashed $2 billion off its spending plan, the latest concrete signs of the financial devastation the coronavirus pandemic will inflict on the oil giants for months, if not years, to come.
Exxon reported a $610 million loss on Friday, the oil giant’s first since at least 1988, and said it’s shutting hundreds of thousands of barrels of daily output. Meanwhile, Chevron slashed capital spending for the second time in five weeks and accelerated supply curbs.