US Energy giant ExxonMobil posted a $680 million net loss in the third quarter of 2020, according to its financial results statement released on Friday.
The US' largest oil company had a $3.17 billion net income in the July-September period of last year, while $1,1 billion net income in the same period of 2020.
Revenue for the third quarter of this year was recorded as $46.2 billion, 41,7% increase from $32.6 billion in the second quarter. The company's revenue was down 28,9% from $65 billion compared to the same period of last year.
'We are on pace to achieve our 2020 cost-reduction targets and are progressing additional savings next year as we manage through this unprecedented down cycle,' Chairman and CEO Darren W. Woods was quoted as saying in the statement.
The company's capital and exploration expenditures were $4.13 billion in the third quarter of 2020, nearly $1.2 billion lower than second quarter, according to the statement.
For the first half of 2020, ExxonMobil saw its net loss widen to $1.69 billion, while it had a net income of $5.48 billion in January-June period of 2019.
Revenue in the first half of this year came at $88.76 billion -- down by 33.1% from $132.71 billion the same period of last year.
By Sibel Morrow and Firdevs Yuksel