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7/31, 1:40 PM (Source: TeleTrader)
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Exxon's Q2 revenue at $32.6B, down 53% YoY

Exxon Mobil Corp. announced on Friday its revenue in the second fiscal quarter of 2020 tumbled 53% on an annual basis to $32.61 billion. Total costs fell 47% year-over-year to $34.25 billion. The company posted a net loss of $1.17 billion in comparison to a gain of $3.39 billion during the same period last year. Per diluted share, this amounted to a loss of $0.70.

Oil production was 3.6 million barrels per day, down 7% from the second quarter of 2019, including a 3% decrease in liquids and a 12% drop in natural gas, the company stated.

"The global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins, and sales volumes. We responded decisively by reducing near-term spending and continuing work to improve efficiency by leveraging recent reorganizations," chief executive Darren Woods said.

Breaking the News / MD