US Energy giant ExxonMobil posted a $1.08 billion net loss in the second quarter of 2020, according to its financial results statement released on Friday.
The US' largest oil company by revenue had a $3.13 billion net income in the April-June period of 2019.
Revenue declined to $32.6 billion in the second quarter of this year, which was down by 52.8% from $69.09 billion the same period of last year.
'The global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins, and sales volumes,' Chairman and CEO Darren W. Woods said in the statement.
'During the quarter, ExxonMobil continued to support COVID-19 response efforts by increasing production of isopropyl alcohol used in sanitizers and specialized polypropylene used in medical masks and gowns,' the statement said.
The company's capital and exploration expenditures were $5.3 billion in the second quarter of 2020, nearly $2 billion lower than first quarter reflecting previously announced spend reductions, 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 Ovunc Kutlu