Finance

ExxonMobil warns of multi-billion hit and quarterly loss ahead

US supermajor to take big hit from drop in oil and gas prices after Covid-19 lockdowns caused a plunge in demand

Facing facts: with oil prices and demand continuing to sit low as countries wrestle with the Covid-19 pandemic, industry players are already bracing the market for dire results in the second quarter. Catch Upstream's cartoon of 3 July 2020.
Facing facts: with oil prices and demand continuing to sit low as countries wrestle with the Covid-19 pandemic, industry players are already bracing the market for dire results in the second quarter. Catch Upstream's cartoon of 3 July 2020.Photo: RYTIS DAUKANTAS/UPSTREAM
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Published 2 July 2020, 14:51Updated 3 July 2020, 13:58