#AceFinanceDesk – Exxon, Chevron Earnings Gutted by Virus-Driven Oil Demand Slump

(Bloomberg) — Wall Street expected Exxon Mobil Corp. and Chevron Corp. earnings to be bad, but not this bad: America’s biggest energy companies delivered their worst set of quarterly results of the modern era, weighed down by the slump in oil prices and the global collapse in demand due to Covid-19.

But even so, the extent of what was disclosed Friday was at certain points almost breathtaking. 

Exxon, Chevron Earnings Gutted by Virus-Driven Oil Demand Slump