The coronavirus crisis has decimated oil demand in 2020. Exxon lost $ 1.1 billion, the company’s second consecutive quarterly loss, while Chevron posted a loss of $ 8.3 billion.
Still, the CEOs of both energy giants didn’t seem overly optimistic about the future.
“The past few months have presented unique challenges,” said Chevron President and CEO Michael Wirth. “The economic impact of the Covid-19 response significantly reduced demand for our products and lowered commodity prices.”
Chevron added in its statement that “although demand and commodity prices have shown signs of recovery, they have not returned to pre-pandemic levels,” and the results are likely to remain “depressed” in the third quarter.
Exxon President and CEO Darren Woods said “The global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins and sales volumes.”
As a result, the company reduced spending in the short term, Woods said, adding that “the company has identified significant potential for further reductions” that it will announce at a later date.
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