EnergyWatch

ExxonMobil exceeds quant consensus but sees sales decimated

The US-based supermajor exits the second quarter a little better than expected but sees its revenue more than halved from the Covid-19 pandemic, landing in a billion-dollar deficit.

Photo: BRENDAN MCDERMID/REUTERS / X90143

A global oil glut and pandemic-related crude demand crash leads ExxonMobil to present a second-quarter deficit of USD 1.1 billion – the worst result in more than three decades for the US-based Big Oil company.

The fossil fuel outfit thereby follows on the heels on its compatriot colleague, Chevron, but also European supermajors Total and Shell, all of which revealed losses in the latest quarter on account of the virus crisis and oil price war.

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