Jakarta –
Exxon Mobil and Chevron issued their financial statements in the second quarter of 2020. The result was that the two giant oil companies in the world suffered losses due to the COVID-19 pandemic which had destroyed the global economy.
Launch CNN, Sunday (2/8/2020) Exxon (XOM) and Chevron (CVX) shares respectively dropped after the announcement of its financial statements.
The coronavirus crisis has reduced oil demand throughout 2020. Exxon suffered a loss of US $ 1.1 billion, or equivalent to Rp 16 trillion (exchange rate of Rp 14,600), after losing in the first quarter of 2020. While Chevron recorded a loss of US $ 8.3 billion or equivalent to Rp 121 trillion.
The price of crude oil has fallen more than 25% this year, even falling below US $ 0. However, oil prices have recovered lately, and are now around US $ 40 per barrel.
Even so, the CEO of the two energy giants still does not look optimistic about the company’s financial performance going forward.
“The last few months have presented a unique challenge. The economic impact of the COVID-19 outbreak significantly reduced the demand for our products and reduced commodity prices,” said Chevron CEO Michael Wirth.
Chevron added in its statement that while demand and commodity prices have shown signs of recovery, they are still difficult to return to pre-pandemic conditions. This means that there is a possibility that the financial performance in the third quarter of 2020 is not much different,
While Exxon’s CEO, Darren Woods said the global pandemic and the oversupply condition had significantly affected the company’s financial results in the II-2020 quarter. The reason is lower prices, margins, and sales volumes.
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(das / dna)
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