ExxonMobil posts first consecutive quarterly losses since the mid-80s

Oil major ExxonMobil reported a back-to-back quarterly loss for the first time in over three and a half decades.

ExxonMobil last Friday posted an estimated second-quarter 2020 loss of $1.1 billion compared with earnings of over $3.1 billion in the same quarter last year.

Results included a positive non-cash inventory valuation adjustment from rising commodity prices of $1.9 billion.

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