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Bloomberg
Exxon Mobil 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. Margins in Exxon’s refining business contracted by almost $1 billion while the chemical unit teetered on the edge of a loss. The guidance suggests the company will post a per-share loss of 69 cents at the midpoint range, according to Cowen & Co.