Exxon, Chevron report more losses amid weak oil demand

Oct. 30 (UPI) -- Multinational oil giants Chevron and ExxonMobil each reported significant losses for the third quarter Friday, due to steep revenue declines brought on by COVID-19.

Chevron reported a second consecutive quarterly loss after revenue fell by 32% year-over-year, while ExxonMobil posted revenue declines of nearly 30%.

Chevron's quarterly losses totaled $207 million and Exxon's $680 million.

"Third quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19," Chevron Chairman and CEO Michael Wirth said in a statement.

ExxonMobil's report followed a second quarter in which it reported a loss exceeding $1 billion. File Photo by Enrique Contla/EPA-EFE

"The world's economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity."

"We remain confident in our long-term strategy and the fundamentals of our business, and are taking the necessary actions to preserve value while protecting the balance sheet and dividend," Exxon Chairman and CEO Darren Woods said.

Exxon said Thursday it will lay off almost 2,000 workers to help rein in costs.