Oil Price Crash Led To Exxon’s Worst Loss In Its Modern History

Following the oil price and demand crash, ExxonMobil (NYSE: XOM) reported on Friday its second consecutive quarterly loss, which was the worst loss for the U.S. supermajor in its modern history. Exxon booked a loss of US$1.1 billion for the second quarter due to the global oversupply and COVID-related demand impacts. This compares with earnings of US$3.1 billion for the same period last year. Exxon posted an adjusted loss per share of US$0.70, larger than the US$0.61 loss per share expected by the analyst consensus in The Wall Street Journal. Total…