Big Oil gets smaller as Chevron and Exxon losses mount to $9.4bn

FINANCIAL TIMES 🔒| ExxonMobil and Chevron both reported deep quarterly losses on Friday, as two of the US’s corporate titans revealed the trauma caused to their businesses by the worst oil price crash in decades. 

The companies swung to second-quarter losses of $8.3bn and $1.1bn respectively — down from profits of $4bn and $3.1bn each for the same period last year — as the price-plunge triggered by the pandemic and Saudi-Russian price war slashed revenue. 

Exxon’s loss was its second in as many quarters, snapping decades of consecutive quarterly profits. Chevron’s was its deepest in recent history.

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