About: http://data.cimple.eu/news-article/07130a4282a926dac92fe6a03f8bb56c0ecd91fd417fdffdc8107c4d

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About: http://data.cimple.eu/news-article/07130a4282a926dac92fe6a03f8bb56c0ecd91fd417fdffdc8107c4d Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Exxon Mobil and Chevron suffered losses in the latest quarter as the weakened economic outlook due to the coronavirus pandemic pressures the industry to double down on cost cuts. Exxon Mobil on Friday reported a loss of $1.1 billion in the second quarter, and said it trimmed capital spending during the period and "identified significant potential for additional reductions." Meanwhile, Chevron lost $8.3 billion in the same period, as it slashed the value of assets on expectations that commodity prices will stay down longer. The figures incorporated a downgrade to the value of assets in Venezuela. Weak economic conditions could weigh on Chevron's results "into the third quarter," warned Chief Executive Mike Wirth. "The economic impact of the response to COVID-19 significantly reduced demand for our products and lowered commodity prices," Wirth said. "Given the uncertainties associated with economic recovery, and ample oil and gas supplies, we made a downward revision to our commodity price outlook which resulted in asset impairments and other charges." The losses come on the heels of similar reports Thursday from Royal Dutch Shell, Total and Eni and underscore the depressed state of affairs globally for a sector tied closely to the real economy. During the quarter, Exxon Mobil's revenues fell by more than 50 percent to $32.6 billion, while Chevron's revenues fell by almost two-thirds to $13.5 billion. Exxon Mobil shares fell 1.8 percent to $41.18 in pre-market trading, while Chevron dropped 3.0 percent to $83.70. jmb/hs
schema:headline	Exxon Mobil, Chevron report losses on weak oil prices
schema:mentions	Eni Royal Dutch Shell ExxonMobil Chevron Corporation Commodity Venezuela Pandemic Severe acute respiratory syndrome coronavirus 2 Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-31 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	65 (xsd:integer)
http://data.cimple...tology#hasEmotion	sadness

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