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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.

A customer wears a protective glove while refueling a vehicle at an Exxon Mobil Corp. gas station in Arlington, Virginia.

Photographer: Andrew Harrer/Bloomberg
Updated on

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.