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US supermajors book major losses off oversupplied virus quarter's demand crash

US-based Big Oil companies ExxonMobil and Chevron both present major deficits and revenue levels rubbed out by the Covid-19 pandemic and associated crash in crude demand.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

A global oil glut and pandemic-related crude demand crash lead two US-based oil and gas supermajors to book deep deficits and obliterated revenues, show the groups' second quarter interim reports, published Friday afternoon CET.

ExxonMobil's second-quarter result lands at USD minus 1.1 billion, the worst performance in more than three decades for the Big Oil company.

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