Exxon posts second straight quarterly loss on demand, price plunge
(Reuters) - Exxon Mobil Corp (XOM.N) reported its second-straight quarterly loss, as its oil and gas producing unit was hurt by a plunge in prices, while its refining businesses was hit by a fall in demand due to the COVID-19 pandemic.
The U.S. oil major reported a loss of $1.08 billion, or 26 cents per share, in the three months ended June 30, compared with a profit of $3.13 billion, or 73 cents per share, a year earlier. (exxonmobil.co/30d059Q)
The company recorded a non-cash gain from inventory valuation adjustment, due to rising commodity prices, of $1.9 billion.
Oil-equivalent production was 3.6 million barrels per day in the second quarter, down 7% from a year earlier.
Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta