Exxon signals second quarterly loss in a row on production, refining hits

Exxon Mobil Corp’s (XOM.N) oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post another quarterly loss this year.

Oil prices are down 35% since January as the COVID-19 pandemic slashed demand and a global glut forced widespread production cuts. Rivals Royal Dutch Shell (RDSa.L) and BP Plc (BP.L) have disclosed massive spending cuts and writedowns due to the price drop.

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