Exxon’s Historic Losses Multiply on Virus-Driven Crude Slump
- Second-quarter oil collapse cost giant as much as $2.5 billion
- Refineries, natural gas businesses also hurt as economies shut
A customer wears a protective glove while refueling a vehicle at an Exxon Mobil Corp. gas station in Arlington, Virginia.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Exxon Mobil Corp. incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity.
The explorer’s oil and natural gas unit took a hit of as much as $3.1 billion as prices for those commodities slumped, according to a regulatory filing on Thursday. Margins in Exxon’s refining business contracted by almost $1 billion while the chemical unit teetered on the edge of a loss.