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Big Oil Companies Lose Billions, Prepare for Prolonged Pandemic


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Big Oil Companies Lose Billions, Prepare for Prolonged Pandemic

Big oil companies endured one of their worst second quarters ever and are positioning themselves for prolonged pain as the coronavirus pandemic continues to sap global demand for fossil fuels. Exxon Mobil Corp. posted a quarterly loss for the second straight quarter for the first time this century on Friday, reporting a loss of $1.1…

Big oil companies endured one of their worst second quarters ever and are positioning themselves for prolonged pain as the coronavirus pandemic continues to sap global demand for fossil fuels.

Exxon Mobil Corp. posted a quarterly loss for the second straight quarter for the first time this century on Friday, reporting a loss of $1.1 billion, compared with a profit of $3.1 billion a year ago. Exxon, the largest U.S. oil company, hadn’t reported back-to-back losses for at least 22 years, according to Dow Jones Market Data,…

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