US oil giants ExxonMobil and Chevron reported another quarter of red ink Friday as uncertainty over oil demand dented by the coronavirus forced the petroleum sector to rein in spending.
ExxonMobil stressed that it expects demand to normalize after the pandemic, making continued investment in petroleum necessary. The company has long argued that a transition to zero-emission energy is years off. ExxonMobil, which was bumped from the prestigious Dow Jones stock index in August following a plunge in its market value, reported a loss of $680 million, the third straight quarter without profitability. The company reported $3.2 billion profit in the same period of 2019.At Chevron, which has a much lower debt than ExxonMobil, the loss came in at $207 million, compared with profits of $2.6 billion in the year-ago period, as revenues fell 32.3 per cent to 24.5 billion.
It is time for Oil Giants to look at other lucrative energy generation means.
Who do you blame, is not the same oil we have here in Nigeria or do you import oil from American or what.
Danm ,,,when the profit is being recorded we won't hear...
Sorry for the losses guys. Indeed these are trying times. My thoughts are with you.
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